A contractor must submit and certify cost or pricing data before certain contract pricing events, and contracts must allow price adjustments if the data was inaccurate or outdated.
§1608. Cost or pricing data A. Contractor certification. A contractor shall submit cost or pricing data and shall certify that, to the best of its 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: (1) Pricing of any contract awarded by other than competitive sealed bidding, as provided in R.S. 39:1594, or small purchase procedures, as provided in R.S. 39:1596, where the total contract price is expected to exceed an amount established by regulations; or (2) Pricing of any change order or contract modification which is expected to exceed an amount established by regulations. B. Price adjustment. Any contract, change order, or contract modification under which a certificate is required shall contain a provision that the price to the state, including profit or fee, shall be adjusted to exclude any significant sums by which the procurement officer finds that such price was increased because the contractor-furnished cost or pricing data was inaccurate, incomplete, or not current as of the date agreed upon between the parties. C. Cost or pricing data not required. The requirements of this Section need not be applied to contracts: (1) Where the contract price is based on adequate price competition. (2) Where the contract price is based on an established catalog price or market prices established by an analysis of commercial items sold to the general public. (3) Where contract prices are set by law or regulation. (4) In exceptional cases where it is determined in writing in accordance with regulations that the requirements of this Section may be waived, and the reasons for such waiver are stated in writing. Acts 2008, No. 598, §2, eff. July 1, 2008; Acts 2009, No. 433, §2; Acts 2014, No. 864, §2, eff. Jan. 1, 2015.