{"data":{"id":"us-ky/krs-45a.120","jurisdiction":"us-ky","citation":"KRS 45A.120","heading":"Cost or pricing data -- Price adjustment.","body":"(1) A contractor shall submit cost or pricing data and shall certify that, to the best of his\nknowledge and belief, the cost or pricing data submitted was accurate, complete,\nand current as of a mutually determined specified date prior to the date of:\n(a) The pricing of any negotiated contract where the total contract price is\nexpected to exceed fifty thousand dollars ($50,000); or\n(b) The pricing of any change order or contract modification which is expected to\nexceed twenty-five thousand dollars ($25,000), or such lesser amount in either\ninstance as may be prescribed by the purchasing officer.\n(2) Any contract, change, or modification thereto under which a certificate is required\nshall contain a provision that the price to the Commonwealth, including profit  or\nfee, shall be adjusted to exclude any significant sums by which the purchasing\nofficer finds that such price was increased because the contractor furnished cost or\npricing data, as of the date agreed upon between the parties, which was inaccurate,\nincomplete, or not current.\n(3) The requirements of this section need not be applied to contracts where the price\nnegotiated is based on adequate price competition, established catalogue or market\nprices of commercial items sold in substantial quantities to t he general public,\nprices set by law or regulation, or in exceptional cases where it is determined in\nwriting by the chief purchasing officer that the requirements of this section may be\nwaived, and the reasons for such waiver are stated in writing.","path":["KRS Chapter 45A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22350","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:06Z","sha256":"b302276183de213900b4259c54cf47b7e0e942373b1c9c4c37c8fe4f79d0f520","source_id":"us-ky","stale":false,"prev":"us-ky/krs-45a.115","next":"us-ky/krs-45a.125"},"notice":"GroundRules: Original legal text. Not legal advice."}