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45A.120 Cost or pricing data -- Price adjustment.
(1)
(2)
(3)
A contractor shall submit cost or pricing data and shall certify that, to the best
of his knowledge and belief, the cost or pricing data submitted was accurate,
complete, and current as of a mutually determined specified date prior to the
date of:
(a) The pricing of any negotiated contract where the total contract price is
expected to exceed fifty thousand dollars ($50,000); or
(b) The pricing of any change order or contract modification which is
expected to exceed twenty-five thousand dollars ($25,000), or such lesser
amount in either instance as may be prescribed by the purchasing officer.
Any contract, change, or modification thereto under which a certificate is
required shall contain a provision that the price to the Commonwealth,
including profit or fee, shall be adjusted to exclude any significant sums by
which the purchasing officer finds that such price was increased because the
contractor furnished cost or pricing data, as of the date agreed upon between
the parties, which was inaccurate, incomplete, or not current.
The requirements of this section need not be applied to contracts where the
price negotiated is based on adequate price competition, established catalogue
or market prices of commercial items sold in substantial quantities to the
general public, prices set by law or regulation, or in exceptional cases where it
is determined in writing by the chief purchasing officer that the requirements of
this section may be waived, and the reasons for such waiver are stated in
writing.
Effective:January 1, 1979
History: Created 1978 Ky. Acts ch. 110, sec. 25, effective January 1, 1979.
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