Section 37-2-44 - Cost and pricing principles - Regulations requiredThe chief purchasing officer shall issue regulations setting forth cost principles which shall be used:
(1) As guidelines in the negotiation of: (i) Estimated costs of fixed prices when the absence of open marker competition precludes the use of competitive sealed bidding;(ii) Adjustments for state-directed changes or modifications in contract performances; and(iii) 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.