§ 69-306.1. Contracts - Price adjustment clauses.

The provisions of any other law to the contrary notwithstanding, the Department of Transportation is hereby authorized and empowered to provide for the use of and inclusion in, its construction contracts price adjustment clauses, providing adjustments in contract bid prices as may be deemed necessary and appropriate by the Director for increases or decreases of energy-intensive materials based upon the price FOB source on the day of bidding and actual invoice price FOB source on the day of delivery.

This authorization is to be applied only to such contracts as may be determined by the Director and approved by the Transportation Commission and further specified in the notice to bidders.

Laws 1981, c. 339, § 11, emerg. eff. June 30, 1981.