45A.120 Cost or pricing data -- Price adjustment.
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45A.120 Cost or pricing data -- Price adjustment.
(1) 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, <br>and current as of a mutually determined specified date prior to the date of: <br>(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 <br>instance as may be prescribed by the purchasing officer.
(2) 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 <br>fee, shall be adjusted to exclude any significant sums by which the purchasing <br>officer finds that such price was increased because the contractor furnished cost or <br>pricing data, as of the date agreed upon between the parties, which was inaccurate, <br>incomplete, or not current.
(3) 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 <br>prices of commercial items sold in substantial quantities to the general public, <br>prices set by law or regulation, or in exceptional cases where it is determined in <br>writing by the chief purchasing officer that the requirements of this section may be <br>waived, and the reasons for such waiver are stated in writing.
Effective: January 1, 1979 <br>History: Created 1978 Ky. Acts ch. 110, sec. 25, effective January 1, 1979.
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