§ 37-2-30. Cost reimbursement contracts. (a) No contract providing for the reimbursement of the contractor's cost plus a fixed fee, hereinafter referred to as a cost reimbursement contract, may be made under § 37-2-19, 37-2-20, or 37-2-21 unless it is determined, in writing, by the chief purchasing officer that the contract is likely to be less costly to the state than any other type of contract, or that it is impracticable to obtain supplies or services of the kind or quality required except under a cost reimbursement contract.
(b) Each contractor under a cost reimbursement type contract shall obtain consent, as provided for in the contract, before entering into:
(1) A cost reimbursement type subcontract; or
(2) Any other type of subcontract involving more than ten thousand dollars ($10,000) or ten percent (10%) of the estimated cost of the prime contract.
(c) All cost reimbursement type contracts shall contain a provision that only costs recognized as allowable, in accordance with cost principles set forth in regulations issued pursuant to § 37-2-42, will be reimbursable.
History of Section. (P.L. 1989, ch. 526, § 2.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.