Section 80IAC8-5-2. Permissible contract types

   (a) Contracts for a firm fixed price are permissible. All contracts that are not for a firm fixed price must meet the conditions of subsection (b).

  (b) A contract type other than a firm fixed price contract may be used only if the executive director determines in writing, the following:

(1) The proposed contractor's accounting system will permit timely development of all necessary cost data in the form required by the specific contract type contemplated.

(2) The proposed contractor's accounting system is adequate to allocate costs in accordance with the generally accepted accounting principles.

  (c) In addition to the requirements of subsection (b), a cost reimbursement contract may be used if the executive director determines in writing that the contract is likely to be less costly to the commission than any other type, or that it is impracticable to obtain the supplies or services required except under such a contract. (State Fair Commission; 80 IAC 8-5-2; filed Nov 7, 2016, 3:46 p.m.: 20161207-IR-080160210FRA)