Section 45A.215 - Cost principles regulations requiredThe secretary of the Finance and Administration Cabinet shall issue regulations setting forth cost principles which shall be used:
(1) As guidelines in the negotiation of: (a) Estimated costs or fixed prices when the absence of open market competition precludes the use of competitive sealed bidding;(b) Adjustments for state-directed changes or modifications in contract performance; and(c) Settlements of contracts which have been terminated.(2) To determine the allowability of incurred costs for the purpose of reimbursing costs under contract provisions which provide for the reimbursement of costs; and(3) As appropriate in any other situation where the determination of the estimated or the incurred costs of performing contracts may be required.Effective:1/1/1979
Created 1978 Ky. Acts ch. 110, sec. 43, effective1/1/1979.