Statutes > New Mexico Statutes > Chapter 13 - Public Purchases and Property. > Article 1 - Procurement, 13-1-1 through 13-1-199. > Section 13-1-143 - Cost or pricing data; price adjustment provision required.

Section 13-1-143 - Cost or pricing data; price adjustment provision required.

13-1-143. Cost or pricing data; price adjustment provision required.

Any contractor award, change order or contract modification under which the submission and certification of cost or pricing data are required shall contain a provision stating that the price to the state agency or a local public body, including profit or fee, shall be adjusted to exclude any significant sums by which the state agency or a local public body reasonably finds that such price was increased because the contractor-furnished cost or pricing data was inaccurate, incomplete or not current as of the date specified.