(1) For the purposes of this section:

(a) Realistic price means a price at which the goods or services can actually and sufficiently be provided in accordance with the awarded contract and price bid; and

(b) Reasonable price means the price of the goods or services is fair compensation for such goods or services.

(2) Any or all bids may be rejected by the state agency in accordance with the procurement manual. A state agency may reject a bid if the price is not reasonable or is not realistic.

(3) In considering whether a bid's price is not reasonable or not realistic, a state agency may consider factors, including prices bid by other bidders, the fair market value of the products or services, the availability of the products or services, historical prices, or independent cost estimates.