HI SB462

Amends Section 103D-313 of Hawaii Revised Statutes governing types of procurement contracts

Adds new requirement that all performance incentive contracts must specify a pricing basis, performance goals, and a formula for calculating contractor's profit, fee, or price decrease based on whether performance goals are exceeded or not met

Clarifies existing language regarding cost-reimbursement and cost-plus-a-percentage-of-cost contracts without changing substantive requirements

Takes effect January 1, 2525