|Contest organizers need to know the difference between the Manufacturer's Suggested Retail Price versus the Fair Market Value versus the Approximate Retail Value. |
Virtually all official rules for sweepstakes or contests in the United States include the Approximate Retail Value (ARV) of each prize. In fact, many state laws and other regulations require that the ARV be included in the rules.
In most cases, the ARV is determined by the Sponsor, which often uses its cost to purchase the prize, the advertised price, the Manufacturer’s Suggested Retail Price “MSRP,” or other manner of determining the ARV.
To a large extent, the ...