Bill > S1556

This bill amends existing Massachusetts law to require that contracts awarded through a bidding process for projects exceeding $1,000,000, under various state procurement statutes (including those related to state administration and regulatory oversight), must include a price adjustment clause for specific materials: fuel (diesel and gasoline), asphalt, concrete, and steel. The awarding authority or agency will establish a base price for each material in the bid documents and specify the price index to be used for tracking changes. The price adjustment clause will mandate monthly reviews, and if the cost of any of these materials increases or decreases by more than 5%, the contract price for that material will be adjusted accordingly to reflect the exact amount of the cost change.