2010 Code of Virginia
Title 2.2 - ADMINISTRATION OF GOVERNMENT.
Chapter 43 - Virginia Public Procurement Act (2.2-4300 thru 2.2-4377)
2.2-4331 - Contract pricing arrangements.
§ 2.2-4331. Contract pricing arrangements.
A. Except as prohibited in this section, public contracts may be awarded on a fixed price or cost reimbursement basis, or on any other basis that is not prohibited.
B. Except in case of emergency affecting the public health, safety or welfare, no public contract shall be awarded on the basis of cost plus a percentage of cost.
C. A policy or contract of insurance or prepaid coverage having a premium computed on the basis of claims paid or incurred, plus the insurance carrier's administrative costs and retention stated in whole or part as a percentage of such claims, shall not be prohibited by this section.
(1982, c. 647, § 11-43; 2001, c. 844.)
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