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New Mexico Statutes Chapter 13. Public Purchases and Property § 13-1-182. Ratification or termination after execution of contract

Current as of January 01, 2024 | Updated by Findlaw Staff

If after the execution of a valid, written contract by all parties and necessary approval authorities, the state purchasing agent or a central purchasing office makes a determination that a solicitation or award of the contract was in violation of law and if the business awarded the contract did not act fraudulently or in bad faith:

A. the contract may be ratified, affirmed and revised to comply with law, provided that a determination is made that doing so is in the best interests of a state agency or a local public body; or

B. the contract may be terminated, and the contractor shall be compensated for the actual expenses reasonably incurred under the contract plus a reasonable profit prior to termination.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 13. Public Purchases and Property § 13-1-182. Ratification or termination after execution of contract - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-13-public-purchases-and-property/nm-st-sect-13-1-182/

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