§ 13-1-171 — Price adjustments

Adjustments in price shall be computed in one or more of the following ways as specified in the contract: A. by agreement on a fixed-price adjustment before commencement of performance or as soon thereafter as practicable; B. by unit prices specified in the contract or subsequently agreed upon by the parties; C. by the costs attributable to the events or conditions as specified in the contract or subsequently agreed upon by the parties; D. by a provision for both upward and downward revision of stated contract price upon the occurrence of specified contingencies if the contract is for commercial items sold in substantial quantities to the general public with prices based upon established catalogue or list prices in a form regularly maintained by the manufacturer or vendor and published or otherwise available for customer inspection. In the event of revision of the stated contract price, the contract file shall be promptly documented by the state purchasing agent or central purchasing office; E. in such other manner as the contracting parties may mutually agree; or F. in the absence of agreement by the parties, by a unilateral determination reasonably computed by the state agency or a local public body of the costs attributable to the events or conditions.

Legislative History

Laws 1984, ch. 65, § 144; 1987, ch. 348, § 18.