§ 42-13-6.1 - Price readjustments – Certain public works contracts. - Rhode Island Statutes

SECTION 42-13-6.1

   § 42-13-6.1  Price readjustments –Certain public works contracts. – (a) Notwithstanding any provision of the general or public laws to thecontrary, the department of transportation may adjust for changes in the unitprices for steel required in order to complete performance of highway andbridge construction contracts awarded on or before July 1, 2004.

   (b) Price adjustments authorized by this section shall becomputed to compensate the contractor only for the difference between:

   (1) The cost of steel at the date the bids were opened; and

   (2) The cost of steel at the date of purchase with noallowance for overhead or profit on the construction contract.

   (c) In arriving at the adjusted unit price, the determinationof the state department of transportation shall be final as to:

   (1) Cost of steel at the date the bids were opened;

   (2) The cost of steel at the date of purchase;

   (3) The quantity to be adjusted; and

   (4) The price adjustment due the contractor. The methodologyfor calculating the price adjustment will be determined by the department oftransportation.

   (d) Upon request by the department of transportation, thecontractor shall make his, her or its records available for audit by the stateor municipality to verify the increased costs.