Colorado Code § 24-92-108

Types of contracts. Subject to the limitations of this section, any type of
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contract which will promote the best interests of the agency of government may be used; except
that the use of a cost-plus-a-percentage-of-cost contract is prohibited. A cost-reimbursement
contract may be used only when a determination is made in writing that such contract is likely to
be less costly to the agency of government than any other type of contract or that it is
impracticable to obtain the construction required unless the cost-reimbursement contract is used.

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