SB 462: RELATING TO PROCUREMENT CONTRACTS.
- Session Year: 2025-2026
- House: Senate
Current Status:
In Progress
(2025-02-10: Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.)
Introduced
First Committee Review
First Chamber
Second Committee Review
Second Chamber
Final Decking
Enacted
Version:
Requires all performance incentive contracts to specify a pricing basis, performance goals, and a formula in calculating the contractor's profit, fees, or price decrease if the specified performance goals are exceeded or not met. Allows moneys remaining in the contract budget after project completion to be divided between the State and contractor if the contractor has met or exceeded all performance goals specified in the contract.
Discussed in Hearing
28SECJan 28, 2025