diff --git a/procs/guidance_logic.ms.sql b/procs/guidance_logic.ms.sql
index 2071384..e21cf44 100644
--- a/procs/guidance_logic.ms.sql
+++ b/procs/guidance_logic.ms.sql
@@ -10,50 +10,74 @@ CREATE OR ALTER FUNCTION pricing.guidance_logic(
 RETURNS TABLE
 AS
 RETURN
-WITH base AS (
+WITH params AS (
   SELECT
-    CAST(CASE WHEN @target IS NULL THEN NULL ELSE @target END AS numeric(20,5)) AS price
-), floored AS (
+    @target       AS base_price,
+    @last_norm    AS last_norm,
+    @list_eff     AS list_eff,
+    @floor_pct    AS floor_pct,
+    @cap_last_pct AS cap_last_pct,
+    -- HARD CEILING at list: clamp to <= 1.00 regardless of input
+    CASE WHEN @cap_list_pct IS NULL OR @cap_list_pct > 1 THEN 1.00 ELSE @cap_list_pct END AS eff_list_cap
+),
+step_floor AS (
   SELECT
-    CASE WHEN price IS NULL OR @last_norm IS NULL OR @floor_pct<=0
-         THEN price
-         ELSE CAST(ROUND(IIF(price>@last_norm*(1-@floor_pct),price,@last_norm*(1-@floor_pct)),5) AS numeric(20,5))
-    END AS price
-  FROM base
-), cap_last AS (
+    base_price, last_norm, list_eff, floor_pct, cap_last_pct, eff_list_cap,
+    CAST(
+      CASE
+        WHEN base_price IS NULL OR last_norm IS NULL OR floor_pct <= 0
+          THEN base_price
+        ELSE ROUND(IIF(base_price >= last_norm*(1-floor_pct), base_price, last_norm*(1-floor_pct)), 5)
+      END
+    AS numeric(20,5)) AS after_floor
+  FROM params
+),
+step_cap_last AS (
   SELECT
-    CASE WHEN price IS NULL OR @last_norm IS NULL
-         THEN price
-         ELSE CAST(ROUND(IIF(price<@last_norm*@cap_last_pct,price,@last_norm*@cap_last_pct),5) AS numeric(20,5))
-    END AS price
-  FROM floored
-), cap_list AS (
+    base_price, last_norm, list_eff, floor_pct, cap_last_pct, eff_list_cap, after_floor,
+    CAST(
+      CASE
+        WHEN after_floor IS NULL OR last_norm IS NULL
+          THEN after_floor
+        ELSE ROUND(IIF(after_floor <= last_norm*cap_last_pct, after_floor, last_norm*cap_last_pct), 5)
+      END
+    AS numeric(20,5)) AS after_cap_last
+  FROM step_floor
+),
+step_cap_list AS (
   SELECT
-    CASE WHEN price IS NULL OR @list_eff IS NULL
-         THEN price
-         ELSE CAST(ROUND(IIF(price<@list_eff*@cap_list_pct,price,@list_eff*@cap_list_pct),5) AS numeric(20,5))
-    END AS price
-  FROM cap_last
+    base_price, last_norm, list_eff, floor_pct, cap_last_pct, eff_list_cap, after_floor, after_cap_last,
+    CAST(
+      CASE
+        WHEN after_cap_last IS NULL OR list_eff IS NULL
+          THEN after_cap_last
+        ELSE ROUND(IIF(after_cap_last <= list_eff*eff_list_cap, after_cap_last, list_eff*eff_list_cap), 5)
+      END
+    AS numeric(20,5)) AS final_price
+  FROM step_cap_last
 )
 SELECT
-  price AS guidance_price,
+  final_price AS guidance_price,
   CASE
     WHEN @target IS NULL THEN 'No target price available'
-    WHEN @last_norm IS NULL AND @list_eff IS NULL THEN 'No recent sale or list; using target price'
+    WHEN @last_norm IS NULL AND @list_eff IS NULL THEN 'No prior sale or list; using target price'
     ELSE
       CONCAT(
         'Using target price',
-        CASE WHEN @last_norm IS NOT NULL AND @floor_pct>0
+        -- show floor only if it raised price
+        CASE WHEN last_norm IS NOT NULL AND @floor_pct > 0 AND after_floor > base_price
              THEN CONCAT(', floored to ', FORMAT(@floor_pct*100,'0.##'), '% below last price') ELSE '' END,
-        CASE WHEN @last_norm IS NOT NULL AND @cap_last_pct<1
-             THEN CONCAT(', capped to ', FORMAT(@cap_last_pct*100,'0.##'), '% of last price')
-             WHEN @last_norm IS NOT NULL AND @cap_last_pct=1
-             THEN ', capped to not exceed last price'
+        -- show last cap only if it lowered price
+        CASE WHEN last_norm IS NOT NULL AND after_cap_last < after_floor
+             THEN CASE WHEN @cap_last_pct = 1
+                       THEN ', capped to not exceed last price'
+                       ELSE CONCAT(', capped to ', FORMAT(@cap_last_pct*100,'0.##'), '% of last price')
+                  END
              ELSE '' END,
-        CASE WHEN @list_eff IS NOT NULL AND @cap_list_pct<1
-             THEN CONCAT(', capped to ', FORMAT(@cap_list_pct*100,'0.##'), '% of list price')
-             WHEN @list_eff IS NOT NULL AND @cap_list_pct=1
+        -- show list cap only if it lowered price (always “not exceed” because eff_list_cap<=1)
+        CASE WHEN list_eff IS NOT NULL AND final_price < after_cap_last
              THEN ', capped to not exceed list price'
              ELSE '' END
       )
-  END AS guidance_reason;
+  END AS guidance_reason
+FROM step_cap_list;
\ No newline at end of file
diff --git a/procs/single_price_call.ms.sql b/procs/single_price_call.ms.sql
index 3a2b6be..82d03d1 100644
--- a/procs/single_price_call.ms.sql
+++ b/procs/single_price_call.ms.sql
@@ -356,7 +356,7 @@ BEGIN
     SET
 		 listcode = rp.jcplcd 
 		,listprice = rp.price
-        ,listprice_eff  = CASE WHEN q.customized <> '' THEN NULL ELSE q.listprice END
+        ,listprice_eff  = CASE WHEN q.customized <> '' THEN NULL ELSE rp.price END
         ,list_relevance = CASE WHEN q.customized <> '' THEN 'Ignore - Customized' ELSE '' END
         ,list_from = vb_from
 	FROM @queue q