3021. TYPES OF CONTRACTS

3021 TYPES OF CONTRACTS 3021.1 The CCO shall utilize the type or types of contract described in this section for each method of procurement, unless a different type of contract is in the best interest of the University. 3021.2 When the competitive sealed bidding method of procurement is utilized, the CCO shall utilize either a firm-fixed-price or a fixed-price with economic price adjustment type contract , unless a different type of contract is in the best interest of the University. 3021.3 The CCO shall use a firm-fixed-price contract when the requirement is clearly defined and can be priced on a firm-fixed-price basis and when the risk involved is minimal to the University, unless a different type of contract is in the best interest of the University. 3021.4 The CCO shall give preference to selecting contract types in the following order: Fixed-price type; Cost-reimbursement; Time and materials; Labor hour; and Other types. 3021.5 The CCO shall ensure that all contracts entered into by the University include all applicable clauses to protect the University’s interests. SOURCE: Final Rulemaking published at 57 DCR 2630 (Mar. 2010).