(1) Contract Clauses. State construction contracts and subcontracts promulgated by regulation pursuant to Section 11-35-2010(2) may include clauses providing for adjustments in prices, time of performance and other appropriate contract provisions including, but not limited to:

1. (a) the unilateral right of a governmental body to order in writing:

   1. (i) all changes in the work within the scope of the contract, and
   2. (ii) all changes in the time of performance of the contract that do not alter the scope of the contract work;
2. (b) variations occurring between estimated quantities of work in the contract and actual quantities;
3. (c) suspension of work ordered by the governmental body;

4. (d) site conditions differing from those indicated in the contract or ordinarily encountered, except that differing site condition clauses promulgated by the board need not be included in a contract:

   1. (i) when the contract is negotiated; or
   2. (ii) when the parties have otherwise agreed with respect to the risk of differing site conditions.

(2) Price Adjustments. (a) Adjustments in price pursuant to clauses promulgated under subsection (1) of this section shall be computed and documented with a written determination. The price adjustment agreed upon shall approximate the actual cost to the contractor and all costs incurred by the contractor shall be justifiably compared with prevailing industry standards, including reasonable profit. Costs shall be properly itemized and supported by substantiating data sufficient to permit evaluation before commencement of the pertinent performance or as soon thereafter as practicable, and shall be arrived at through whichever one of the following ways is the most valid approximation of the actual cost to the contractor:

1. (i) by unit prices specified in the contract or subsequently agreed upon;
2. (ii) by the costs attributable to the events or situations under such clauses with adjustment of profits or fee, all as specified in the contract or subsequently agreed upon;
3. (iii) by agreement on a fixed price adjustment;
4. (iv) in such other manner as the contracting parties may mutually agree; or
5. (v) in the absence of agreement by the parties, through unilateral determination by the governmental body of the costs attributable to the events or situations under such clauses, with adjustment of profit or fee, all as computed by the governmental body in accordance with applicable sections of the regulations issued under this chapter and subject to the provisions of Article 17 of this chapter.
6. (b) A contractor shall be required to submit cost or pricing data if any adjustment in contract price is subject to the provisions of Section 11-35-1830.

(3) Additional Contract Clauses. The construction contracts and subcontracts promulgated pursuant to Section 11-35-2010(2) may include clauses providing for appropriate remedies which cover as a minimum:

1. (a) specified excuses for delay or nonperformance;
2. (b) termination of the contract for default;
3. (c) termination of the contract in whole or in part for the convenience of the governmental body.