§ 13-213. Regulations on price and cost principles

   (a) Adoption by Board. -- In accordance with Title 10, Subtitle 1 of the State Government Article, the Board shall adopt regulations on price and cost principles based on generally accepted accounting principles.

(b) Uses of principles. -- The principles adopted by the Board shall be used:

   (1) as guidelines for negotiations on:

      (i) estimated costs or fixed prices;

      (ii) price adjustments for contract modifications and change orders; and

      (iii) settlements of terminated procurement contracts;

   (2) to establish the allowability of costs under procurement contract provisions for the reimbursement of costs; and

   (3) in any other situation that requires the establishment of the estimated or incurred costs of performing a procurement contract.

HISTORY: SF § 11-128; 1988, ch. 48, § 2.