(a) In this section, "established catalog price" means the price included in the most current catalog, price list, schedule, or other form that: (1) is regularly maintained by the manufacturer or supplier of an item; (2) is published or available for inspection by customers; and (3) states: (i) prices at which sales are currently or were last made to the general buying public; or (ii) discounted prices at which sales are currently or were last made to local, State, or federal governmental units. (b) This section applies to all procurements by units except: (1) a procurement for which the price will be established by competitive sealed bidding; or (2) a lease of real property or an amendment to a lease of real property. (c) An offeror or contractor shall submit cost and price information for a procurement contract, change order, or contract modification if the price: (1) is expected to exceed $100,000 or a smaller amount set by the procurement officer; and (2) is not: (i) based on adequate price competition; (ii) based on the established catalog or market price of commercial items sold in substantial quantities to a significant number of buyers; or (iii) set by law. (d) An offeror or contractor required to submit cost and price information shall certify that, to the best knowledge of the offeror or contractor, the information is: (1) accurate; (2) complete; and (3) current as of a specific date that: (i) has been determined by the procurement officer and the offeror or contractor; and (ii) occurs before the conclusion of price discussions. (e) Each procurement contract, change order, or contract modification for which a cost and price certificate is required shall contain a provision that the price, including profit or fee, shall be reduced to exclude any significant price increases in a component that result because the contractor provided cost or price information that, as of the date specified under subsection (d)(3) of this section, was inaccurate, incomplete, or not current.
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