Rhode Island General Laws Title 42. State Affairs and Government § 42-13-6. Price readjustments--Public works contracts

(a) Notwithstanding the provisions of any law to the contrary, the state and any municipality may adjust unit prices for crude oil, residual fuel oil, and liquid asphalt used in bituminous concrete, required in order to complete performance of construction contracts awarded on or before December 31, 1973; provided, that the cost f.o.b. the supplier has increased more than twenty percent (20%) between the date the bids were publicly opened and read and the date the crude oil, residual fuel oil, and liquid asphalt used in bituminous concrete were purchased, and that the increase in cost of said crude oil, residual fuel oil, and liquid asphalt used in bituminous concrete was the result of national shortages as a result of the energy crisis, so-called.

(b) The state and any municipality shall not enter into any such renegotiation of the contract unless it has first obtained Federal Highway Administration approval for matching funds; and provided further that any such supplemental agreement shall release the state or municipality from any and all further claims from the contractor with regard to the substance of that agreement.

(c) Price adjustments authorized by this section shall be computed to compensate the contractor only for the difference in cost of crude oil, residual fuel oil, and liquid asphalt used in bituminous concrete between said dates with no allowance for overhead or profit and with consideration given to the profit potential to the contractor on the construction contract. In arriving at the adjusted unit price, the determination of the state or municipality shall be final as to: (1) which unit prices are to be adjusted as a result of the energy crisis, so-called; (2) the cost of crude oil, residual fuel oil, and liquid asphalt used in bituminous concrete at the date the bids were opened; (3) the cost of crude oil, residual fuel oil, and liquid asphalt used in bituminous concrete at the date of purchase; (4) the quantity to be adjusted; and (5) the price adjustment due the contractor.

(d) Upon request by the state or municipality, the contractor shall make his or her records available for audit by the state or municipality to verify the increased costs.