2 AAC 12.475 - Changes, liquidated damages, and terminations
(a) A state
contract may include a clause that provides for adjustment of the contract
price, adjustment of the time of performance, liquidated damages, termination
of the contract, or a term that the procurement officer deems
appropriate.
(b) A contract clause
allowing the imposition of liquidated damages must specify their purpose, their
amount, and the circumstances for which they are authorized.
(c) A contract clause allowing termination of
a contract for cause must specify the circumstances under which the state may
terminate the contract, the procedural steps required for a termination to be
effective, and the rights and responsibilities of the parties regarding payment
and work in progress.
(d) A
contract clause allowing termination of a contract for convenience of the state
must specify the procedural steps required for a termination to be effective
and the rights and responsibilities of the parties regarding payment and work
in progress.
Notes
Authority:AS 36.30.040
AS 36.30.430
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