HARRY HUGHES, Governor                                       3355

mutually determined specified date prior to the date the price of
any:

(1)  Negotiated contract is determined, if the total
contract price is expected to exceed $100,000, or a smaller
amount set by the procurement officer; or

(2)  Change order or contract modification is
determined which is expected to exceed $100,000, or a smaller
amount set by the procurement officer.

(b)  Every contract, change order, or modification under
which a cost and price certificate is required shall contain a
provision that the price, including profit or fee, shall be
adjusted to exclude any significant price increases occurring
because the contractor furnished cost or price information which,
as of the date agreed upon between the parties, was inaccurate,
incomplete, or not current.

(c)  This section need not be applied to contracts for which
the price negotiated is based on adequate price competition,
established catalog or market prices of commercial items sold in
substantial quantities to the general public, or prices set by
law or regulation.]

11-120. COST AND PRICE CERTIFICATE.

(A)  THIS SECTION APPLIES TO A CONTRACT, CHANGE ORDER, OR
CONTRACT MODIFICATION, OTHER THAN A LEASE OF REAL PROPERTY OR
AMENDMENT TO A LEASE OF REAL PROPERTY, EXPECTED TO EXCEED
$100,000 OR A SMALLER AMOUNT SET BY THE PROCUREMENT OFFICER, IF
THE PRICE:

(1)  WILL BE ESTABLISHED BY A PROCUREMENT METHOD OTHER
THAN COMPETITIVE SEALED BIDDING; AND

(2)  WILL NOT BE:

(I)  BASED ON ADEQUATE PRICE COMPETITION;

(II)  BASED ON ESTABLISHED CATALOG OR MARKET
PRICES OF COMMERCIAL ITEMS SOLD IN SUBSTANTIAL QUANTITIES TO A
SIGNIFICANT NUMBER OF BUYERS; OR

(III)  SET BY LAW OR REGULATION.

(B)  EACH OFFEROR OR CONTRACTOR SHALL SUBMIT COST OR PRICE
INFORMATION AND SHALL CERTIFY THAT, TO THE BEST OF THE KNOWLEDGE
OF THE OFFEROR OR CONTRACTOR, THE INFORMATION SUBMITTED IS
ACCURATE, COMPLETE, AND CURRENT AS OF A MUTUALLY DETERMINED
SPECIFIED DATE BEFORE THE CONCLUSION OF ANY PRICE DISCUSSIONS OR
NEGOTIATIONS.

(C)  EVERY CONTRACT, CHANGE ORDER, OR CONTRACT MODIFICATION
FOR WHICH A COST AND PRICE CERTIFICATE IS REQUIRED SHALL CONTAIN