45A.405 Cost or pricing data.
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45A.405 Cost or pricing data.
(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) Pricing of any negotiated contract where the total contract price is expected to
exceed fifty thousand dollars ($50,000), or such lesser amount as may be <br>prescribed by the local public agency; or
(b) Pricing of any change order or contract modification which is expected to
exceed twenty-five thousand dollars ($25,000), or such lesser amount as may <br>be prescribed by the local public agency.
(2) Any contract, change, or modification thereto under which a certificate is required
shall contain a provision that the price to the local public agency, including profit or <br>fee, shall be adjusted to exclude any significant sums by which the local public <br>agency finds that such price was increased because the contractor-furnished cost or <br>pricing data which, as of the date agreed upon between the parties, was inaccurate, <br>incomplete, or not current.
(3) The requirement 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 that the requirements of this section may be waived, and the reasons for <br>such waiver are enumerated in the determination.
Effective: January 1, 1980 <br>History: Created 1978 Ky. Acts ch. 110, sec. 82, effective January 1, 1980.
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