45A.215 Cost principles regulations required.
113 words·~1 min read·
/ky/chapter-45a/45a-215A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The secretary of the Finance and Administration Cabinet shall issue regulations setting forth cost principles which shall be used:
(1)As guidelines in the negotiation of:
(a)Estimated costs or fixed prices when the absence of open market competition
precludes the use of competitive sealed bidding;
(b)Adjustments for state-directed changes or modifications in contract
performance; and
(c)Settlements of contracts which have been terminated.
(2)To determine the allowability of incurred costs for the purpose of reimbursing costs
under contract provisions which provide for the reimbursement of costs; and
(3)As appropriate in any other situation where the determination of the estimated or the
incurred costs of performing contracts may be required.