§ 24-106-105 — Multiyear contracts

Colorado § 24-106-105

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Modification and Termination of Contracts

Text

(1) Unless otherwise provided by law, a
contract for supplies or services may be entered into for any period of time deemed
to be in the best interests of the state if the term of the contract and conditions of
renewal or extension, if any, are included in the solicitation and if funds are
available for the first year at the time of contracting. If the chief procurement
officer determines that extenuating circumstances exist and an extension of the
contract beyond the term included in the solicitation is in the best interest of the
governmental body, then the chief procurement officer may approve a longer term
for a reasonable time based on what is practicable and necessary given the
circumstances. The state shall initiate the renewal or extension of a contract for
supplies or services. Payment and performance obligations for succeeding fiscal
years shall be subject to the availability and appropriation of funds therefor.

(2) Prior to the utilization of a multiyear contract, it shall be determined in
writing:

(a) That estimated requirements cover the period of the contract and are
reasonably firm and continuing; and

(b) That such a contract will serve the best interests of the state by
encouraging effective competition or otherwise promoting economies in state
procurement.

(3) When funds are not appropriated or otherwise made available to support
continuation of performance in a subsequent fiscal year, the contract shall be
canceled, and the contractor may be reimbursed for the reasonable value of any
nonrecurring costs incurred but not amortized in the price of the supplies or
services delivered under the contract.

Legislative History

Source: L. 2017: Entire section added with relocated provisions, (HB 17-1051), ch. 99, p. 331, � 38, effective August 9.