Bill > H2782

This bill mandates that state contracts awarded through a competitive bidding process, for projects exceeding $100,000, 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 at the time of advertising the project and specify the price index to be used for adjustments. These adjustments will be made monthly if the cost of any of these materials changes by more than 5 percent, either up or down, from the base price. This aims to protect both the state and contractors from significant price fluctuations in these essential commodities.