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.

History: Eff. 7/20/95, Register 135

Authority: AS 36.30.040

AS 36.30.430

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