HI HB2492

Requires procurement officers to create a report documenting whether to pursue damages against design professionals or contractors when construction cost overruns occur, identifying factors used in the determination.

Makes construction cost overruns constitute a tort under Chapter 672B and includes them in the definition of "construction defect" under Chapter 672E-1.

Mandates that the state procurement office include training on procurement officers' duty to hold design professionals contractually liable for breaches of professional standards in the mandatory fundamental training and development session.

Requires the state procurement office to conduct a study on the appropriateness of requiring liability contingency funds in state contract bids and report findings and recommendations to the legislature no later than 20 days before the 2023 regular session.

Establishes a procurement professional standards task force co-chaired by the comptroller and chief procurement officer to develop professional standards for non-state parties in the procurement process and report to the legislature no later than 20 days before the 2023 regular session.