§ 42-13-6.1. Price readjustments - Certain public works contracts. (a) Notwithstanding any provision of the general or public laws to the contrary, the department of transportation may adjust for changes in the unit prices for steel required in order to complete performance of highway and bridge construction contracts awarded on or before July 1, 2004.
(b) Price adjustments authorized by this section shall be computed to compensate the contractor only for the difference between:
(1) The cost of steel at the date the bids were opened; and
(2) The cost of steel at the date of purchase with no allowance for overhead or profit on the construction contract.
(c) In arriving at the adjusted unit price, the determination of the state department of transportation shall be final as to:
(1) Cost of steel at the date the bids were opened;
(2) The cost of steel at the date of purchase;
(3) The quantity to be adjusted; and
(4) The price adjustment due the contractor. The methodology for calculating the price adjustment will be determined by the department of transportation.
(d) Upon request by the department of transportation, the contractor shall make his, her or its records available for audit by the state or municipality to verify the increased costs.
History of Section. (P.L. 2004, ch. 433, § 1; P.L. 2004, ch. 525, § 1.)
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