HI Rev Stat § 103D-312 (2021)
2021 Hawaii Revised Statutes|Title 9. Public Property, Purchasing and Contracting|103D. Hawaii Public Procurement Code|103D-312 Fair and reasonable pricing policy; cost or pricing data.

 §103D-312 Fair and reasonable pricing policy; cost or pricing data. (a) A procurement officer shall purchase goods, services, and construction from responsible sources at fair and reasonable prices. A procurement officer shall make a written determination whether a price is fair and reasonable for each contracting action, including change orders and contract modifications that adjust prices. In establishing whether a price is fair and reasonable, the procurement officer shall obtain:  (1) Certified cost or pricing data for every contract to which subsection (c) applies; and  (2) Other data as necessary to perform a cost or price analysis of the data and determine a fair and reasonable price, regardless of whether subsection (c) applies to the contract.  (b) The policy board may adopt rules, pursuant to chapter 91, to establish an order of preference in the type of data required under subsection (a)(2).  (c) A contractor, except as provided in subsection (e), shall submit cost or pricing data and shall certify that, to the best of the contractor's knowledge and belief, the cost or pricing data submitted is accurate, complete, and current as of a mutually determined specified date before the date of:  (1) The pricing of any contract awarded by competitive sealed proposals or pursuant to the sole source procurement authority, where the total contract amount is expected to exceed an amount established by rules adopted by the policy board; or  (2) The pricing of any change order or contract modification that is expected to exceed an amount established by rules adopted by the policy board. The requirement of this paragraph shall apply regardless of whether the original contract award did not require certified cost and pricing data.  (d) Any contract, change order, or contract modification under which a certificate is required shall contain a provision that the price to the State, including profit or fee, shall be adjusted to exclude any significant sums by which the State finds that the price was increased because the contractor furnished cost or pricing data that was inaccurate, incomplete, or not current as of the date agreed upon between the parties.  (e) The requirements of this section, except for the requirements of [subsection] (c)(2), shall not apply to original contract awards:  (1) Where the original contract price is based on adequate price competition;  (2) Where the original contract price is based on established catalog prices or market prices;  (3) Where the original contract prices are set by law or rule; or  (4) Where it is determined in writing in accordance with rules adopted by the policy board that the requirements of this section may be waived, and the reasons for the waiver are stated in writing; provided that the requirements for price and costing data required under subsection (a)(2) shall not be waived without the approval of the chief procurement officer; provided further that the chief procurement officer shall not delegate this authority. [L Sp 1993, c 8, pt of §2; am L 1997, c 352, §23; am L 2016, c 253, §4]