(a)    In this section, “established catalog price” means the price included in the most current catalog, price list, schedule, or other form that:

(1)    is regularly maintained by the manufacturer or supplier of an item;

(2)    is published or available for inspection by customers; and

(3)    states:

(i)    prices at which sales are currently or were last made to the general buying public; or

(ii)    discounted prices at which sales are currently or were last made to local, State, or federal governmental units.

(b)    This section applies to all procurements by units except:

(1)    a procurement for which the price will be established by competitive sealed bidding; or

(2)    a lease of real property or an amendment to a lease of real property.

(c)    An offeror or contractor shall submit cost and price information for a procurement contract, change order, or contract modification if the price:

(1)    is expected to exceed $100,000 or a smaller amount set by the procurement officer; and

(2)    is not:

(i)    based on adequate price competition;

(ii)    based on the established catalog or market price of commercial items sold in substantial quantities to a significant number of buyers; or

(iii)    set by law.

(d)    An offeror or contractor required to submit cost and price information shall certify that, to the best knowledge of the offeror or contractor, the information is:

(1)    accurate;

(2)    complete; and

(3)    current as of a specific date that:

(i)    has been determined by the procurement officer and the offeror or contractor; and

(ii)    occurs before the conclusion of price discussions.

(e)    Each procurement contract, change order, or contract modification for which a cost and price certificate is required shall contain a provision that the price, including profit or fee, shall be reduced to exclude any significant price increases in a component that result because the contractor provided cost or price information that, as of the date specified under subsection (d)(3) of this section, was inaccurate, incomplete, or not current.