1. (a) In accordance with Title 10, Subtitle 1 of the State Government Article, the Board shall adopt regulations on price and cost principles based on generally accepted accounting principles.

2. (b) The principles adopted by the Board shall be used:

   1. (1) as guidelines for negotiations on:

      1. (i) estimated costs or fixed prices;
      2. (ii) price adjustments for contract modifications and change orders; and
      3. (iii) settlements of terminated procurement contracts;
   2. (2) to establish the allowability of costs under procurement contract provisions for the reimbursement of costs; and
   3. (3) in any other situation that requires the establishment of the estimated or incurred costs of performing a procurement contract.

Added by Acts 1988, c. 48, § 2, eff. Oct. 1, 1988.