Hawaii SB462 amends procurement contract rules to restrict cost-reimbursement and cost-plus-a-percentage-of-cost contracts.

Hawaii SB462 modifies the state's procurement contract rules by prohibiting the use of cost-reimbursement and cost-plus-a-percentage-of-cost contracts unless they are less costly or impracticable to achieve performance goals. It mandates public notice and requires the policy board to adopt rules for implementation. The bill also specifies that any remaining funds after project completion can be divided between the contractor and the state based on the contract ratio, provided performance goals are met.

Hawaii SB462 amends procurement contract rules to restrict cost-reimbursement and cost-plus-a-percentage-of-cost contracts.

Hawaii SB462 modifies the state's procurement contract rules by prohibiting the use of cost-reimbursement and cost-plus-a-percentage-of-cost contracts unless they are less costly or impracticable to achieve performance goals. It mandates public notice and requires the policy board to adopt rules for implementation. The bill also specifies that any remaining funds after project completion can be divided between the contractor and the state based on the contract ratio, provided performance goals are met.