Tennessee Code 12-3-603 – Regulations regarding cost principles
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Terms Used In Tennessee Code 12-3-603
- Chief procurement officer: means the person holding the position established in §. See Tennessee Code 12-3-201
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means any duly authorized and legally binding written agreement for the procurement of goods and services. See Tennessee Code 12-3-201
- Procurement: means buying, purchasing, renting, leasing, or otherwise acquiring of any goods or services. See Tennessee Code 12-3-201
- Procurement commission: means the state procurement commission, as established in §. See Tennessee Code 12-3-201
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
The chief procurement officer shall propose regulations for approval by the procurement commission setting forth cost principles which shall be used to determine the allowability of incurred costs for the purpose of reimbursing costs under contract provisions that provide for the reimbursement of costs; provided, that if a written determination is made by the chief procurement officer to justify such action, such cost principles may be modified by contract and reported to the comptroller of the treasury.