Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 13-214

  • Contract: A legal written agreement that becomes binding when signed.
  • state: means :

    (1) a state, possession, territory, or commonwealth of the United States; or

    (2) the District of Columbia. See
(a) (1) Subject to § 13-215 of this subtitle and subsection (b) of this section, a unit may enter into a procurement contract based on any method of pricing that will promote the best interests of the State.

(2) If practicable, a unit shall give preference to a fixed-price form of procurement contract.

(b) (1) A unit may not enter into a cost-plus-a-percentage-of-cost procurement contract.

(2) A contractor who is subject to a cost-reimbursement contract may not enter into a cost-plus-a-percentage-of-cost subcontract.