1.  For the purpose of awarding a formal contract solicited pursuant to subsection 2 of NRS 333.300 or awarding a contract for the services of a person as an independent contractor pursuant to subsection 1 of NRS 333.700, if a local business owned and operated by a veteran with a service-connected disability submits a bid or proposal for such a contract and is a responsive and responsible bidder, the bid or proposal shall be deemed to be 5 percent lower than the bid or proposal actually submitted.

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2.  Except as otherwise provided in this subsection, the preference described in subsection 1 may not be combined with any other preference. The provisions of this subsection do not prohibit the imposition of an inverse preference pursuant to NRS 333.33695.