§ 37-2-42 - Price adjustments.
SECTION 37-2-42
§ 37-2-42 Price adjustments. – (a) For all construction contracts expected to exceed fifty thousand dollars($50,000) in price, the chief purchasing officer shall specify clausesproviding for adjustments to contract terms and conditions where there has been:
(1) A unilaterally ordered change by the state;
(2) A site condition differing from that indicated in thecontract except for turnkey contracts or negotiated contracts when appropriatewritten findings of fact have been made;
(3) Variation in the estimated quantities in a contractproviding for estimated quantities; or
(4) A unilateral suspension of work by the state.
(b) In addition, there shall also be specified for inclusionin all construction contracts expected to exceed fifty thousand dollars($50,000) in price, a clause providing that a contract may be terminated fordefault, or upon written determination which sets forth the excuses fornonperformance. Further, the contract shall provide for liquidated damages whenappropriate and as specified in the contract schedule with excuses fornonperformance specifically provided for therein.
(c) The above specified clauses and conditions required forinclusion in all construction contracts expected to exceed fifty thousanddollars ($50,000) in price shall be available for optional use in otherconstruction contracts.
(d) In addition, there shall also be included in allcontracts which are expected to exceed fifty thousand dollars ($50,000), aclause providing for the termination of the contract because of unreasonabledelay in the performance thereof, and further providing for liquidated damagesand for reimbursement for any monies expended by the state for the completionof the work specified by the terms of the contract.