63G-6-415 - Rules and regulations to determine allowable incurred costs -- Required information -- Auditing of books. - Utah Statutes

63G-6-415. Rules and regulations to determine allowable incurred costs --Required information -- Auditing of books.
(1) Rules and regulations may be promulgated to set forth cost principles to be used todetermine the allowability of incurred costs for the purpose of reimbursing costs under contractprovisions which provide for the reimbursement of costs; provided that if a written determinationis approved at a level above the procurement officer, the cost principles may be modified bycontract.
(2) A person shall, except as provided in Subsection (4), submit cost or pricing data andshall certify that, to the best of the person's knowledge and belief, the cost or pricing datasubmitted were accurate, complete, and current as of a mutually determined specified date priorto the date of:
(a) the pricing of any contract awarded by competitive sealed proposals or pursuant to thesole source procurement authority, where the total contract price is expected to exceed an amountestablished by rules and regulations; or
(b) the pricing of any change order which is expected to exceed an amount established byrules and regulations.
(3) Any contract or change order under which a certificate is required shall contain aprovision that the price to the state, including profit or fee, shall be adjusted to exclude anysignificant sums by which the state finds that the price was increased because thecontractor-furnished cost or pricing data were inaccurate, incomplete, or not current as of the dateagreed upon between the parties.
(4) The requirements of Subsections (2) and (3) need not be applied to contracts:
(a) where the contract price is based on adequate price competition;
(b) where the contract price is based on established catalogue prices or market prices;
(c) where contract prices are set by law or regulation; or
(d) where it is determined in writing in accordance with rules and regulations that therequirements of this section may be waived, and the reasons for such waiver are stated in writing.
(5) The state may, at reasonable times and places, audit the books and records of anyperson who has submitted cost or pricing data pursuant to this section or any contractor orsubcontractor under any negotiated contract or subcontract other than a firm fixed-price contractto the extent that the books and records relate to the cost or pricing data, contract, or subcontract.The books and records shall be maintained by the contractor for three years following the end ofthe fiscal year in which final payment is made under the prime contract and by the subcontractorfor three years following the end of the fiscal year in which final payment is made under thesubcontract, unless a shorter period is otherwise authorized in writing.

Renumbered and Amended by Chapter 382, 2008 General Session