Section 3-125-12 - Price adjustment for goods and services contracts The following paragraph or similar statement expressing the intent of this paragraph, shall be included in all contracts for goods and services for which price adjustments will be allowed:
"Price Adjustment Clause
(1)Price adjustment methods. Any adjustment in contract price pursuant to a clause in this contract shall be made in one or more of the following ways: (A) By agreement on a fixed price adjustment before commencement of the pertinent performance;(B) By unit prices specified in the contract or subsequently agreed upon before commencement of the pertinent performance;(C) By the costs attributable to the events or situations under such clauses with adjustment of profit or fee, all as specified in the contract or subsequently agreed upon before commencement of the pertinent performance;(D) In any other manner as the contracting parties may mutually agree upon before commencement of the pertinent performance; or(E) In the absence of agreement between the parties, the provisions of section 103D-501(b)(5), HRS, shall apply.(2) Submission of cost or pricing data. The contractor shall be required to submit cost or pricing data if any adjustment in contract price is subject to the provisions of section 103D-312, HRS. The submission of any cost or pricing data shall be made for any price adjustment subject to the provisions of subchapter 15, chapter 3-122. A fully executed change order or other document permitting billing for the adjustment in price under any method listed in paragraph (1)(A) through (1)(D) shall be issued within ten days after agreement on the method of adjustment."[Eff 12/15/95; comp 11/17/97; am AUG 24 2009] (Auth: HRS §§ 103D-202, 103D-501) (Imp: HRS §§ 103D-312, 103D-501, 103D-601, 103D-703)