KRS 45A.120: Cost or pricing data -- Price adjustment.

(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,

and current as of a mutually determined specified date prior to the date of:

(a) The pricing of any negotiated contract where the total contract price is

expected to exceed fifty thousand dollars ($50,000); or

(b) The pricing of any change order or contract modification which is expected to

exceed twenty-five thousand dollars ($25,000), or such lesser amount in either

instance as may be prescribed by the purchasing officer.

(2) Any contract, change, or modification thereto under which a certificate is required

shall contain a provision that the price to the Commonwealth, including profit or

fee, shall be adjusted to exclude any significant sums by which the purchasing

officer finds that such price was increased because the contractor furnished cost or

pricing data, as of the date agreed upon between the parties, which was inaccurate,

incomplete, or not current.

(3) The requirements of this section need not be applied to contracts where the price

negotiated is based on adequate price competition, established catalogue or market

prices of commercial items sold in substantial quantities to t he general public,

prices set by law or regulation, or in exceptional cases where it is determined in

writing by the chief purchasing officer that the requirements of this section may be

waived, and the reasons for such waiver are stated in writing.