Any contract award, change order or contract modification under which the submission and certification of cost or pricing data are required shall contain a provision stating that the price to the state agency or a local public body, including profit or fee, shall be adjusted to exclude any significant sums by which the state agency or a local public body reasonably finds that such price was increased because the contractor- furnished cost or pricing data was inaccurate, incomplete or not current as of the date specified.

Terms Used In New Mexico Statutes 13-1-143

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