Except with respect to firm fixed-price contracts, no contract shall be used unless it has been determined in writing by the chief procurement officer, the head of a purchasing agency, or a designee of either officer that:

(1) The proposed contractor‘s accounting system will permit timely development of all necessary cost data in the form required by the specific contract type contemplated; and
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Terms Used In Hawaii Revised Statutes 103D-314

  • Contract: A legal written agreement that becomes binding when signed.
  • Contract: means all types of agreements, regardless of what they may be called, for the procurement or disposal of goods or services, or for construction. See Hawaii Revised Statutes 103D-104
  • Contractor: means any person having a contract with a governmental body. See Hawaii Revised Statutes 103D-104
  • Data: means recorded information, regardless of form or characteristic. See Hawaii Revised Statutes 103D-104
  • Procurement: means buying, purchasing, renting, leasing, or otherwise acquiring any good, service, or construction. See Hawaii Revised Statutes 103D-104
  • Purchasing agency: means any governmental body which is authorized by this chapter or its implementing rules and procedures, or by way of delegation, to enter into contracts for the procurement of goods, services, or construction. See Hawaii Revised Statutes 103D-104
(2) The proposed contractor’s accounting system is adequate to allocate costs in accordance with generally accepted accounting principles.

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