(a) In this section, “established catalog price” means the price included in the most current catalog, price list, schedule, or other form that:
(1) is regularly maintained by the manufacturer or supplier of an item;
(2) is published or available for inspection by customers; and
(3) states:
(i) prices at which sales are currently or were last made to the general buying public; or
(ii) discounted prices at which sales are currently or were last made to local, State, or federal governmental units.
(b) This section applies to all procurements by units except:
(1) a procurement for which the price will be established by competitive sealed bidding; or
(2) a lease of real property or an amendment to a lease of real property.
(c) An offeror or contractor shall submit cost and price information for a procurement contract, change order, or contract modification if the price:
(1) is expected to exceed $100,000 or a smaller amount set by the procurement officer; and
(2) is not:
(i) based on adequate price competition;
(ii) based on the established catalog or market price of commercial items sold in substantial quantities to a significant number of buyers; or
(iii) set by law.
(d) An offeror or contractor required to submit cost and price information shall certify that, to the best knowledge of the offeror or contractor, the information is:
(1) accurate;
(2) complete; and
(3) current as of a specific date that:
(i) has been determined by the procurement officer and the offeror or contractor; and
(ii) occurs before the conclusion of price discussions.
(e) Each procurement contract, change order, or contract modification for which a cost and price certificate is required shall contain a provision that the price, including profit or fee, shall be reduced to exclude any significant price increases in a component that result because the contractor provided cost or price information that, as of the date specified under subsection (d)(3) of this section, was inaccurate, incomplete, or not current.