Louisiana Revised Statutes 39:1614 – Approval of accounting system
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Terms Used In Louisiana Revised Statutes 39:1614
- Chief procurement officer: means the person holding the position created in Louisiana Revised Statutes 39:1556
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means all types of state agreements, regardless of what they may be called, including orders and documents purporting to represent grants, which are for the purchase or disposal of supplies, services, major repairs, or any other item. See Louisiana Revised Statutes 39:1556
- Contractor: means any person having a contract with a governmental body. See Louisiana Revised Statutes 39:1556
- Data: means recorded information, regardless of form or characteristic. See Louisiana Revised Statutes 39:1556
- Designee: means a duly authorized representative of a person holding a superior position. See Louisiana Revised Statutes 39:1556
- in writing: means the product of any method of forming characters on paper, other materials, or viewable screen, which can be read, retrieved, and reproduced, including information that is electronically transmitted and stored. See Louisiana Revised Statutes 39:1556
- Procurement: means the buying, purchasing, renting, leasing, or otherwise obtaining any supplies, services, or major repairs. See Louisiana Revised Statutes 39:1556
Except with respect to firm fixed-price contracts, no contract type shall be used unless it has been determined in writing by the chief procurement officer or his designee 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.
(2) The contractor’s accounting system is adequate to allocate costs in accordance with generally accepted accounting principles.
Added by Acts 1979, No. 715, §1, eff. July 1, 1980; Acts 2014, No. 864, §2, eff. Jan. 1, 2015.