(a) Submission by contractor.--A contractor shall, except as provided in subsection (c), submit cost or pricing data and shall certify that, to the best of its knowledge and belief, the cost or pricing data submitted was accurate, complete and current as of a mutually determined specified date prior to the date of:

(1) the award of any contract under section 513 (relating to competitive sealed proposals) or 515 (relating to sole source procurement) where, under either section, the total contract price is expected to exceed an amount established by the head of the purchasing agency; or

(2) the pricing of any change order or contract modification which is expected to exceed an amount established by the head of the purchasing agency.

(b) Price adjustment.--Any contract, change order or contract modification under which a certificate is required shall contain a provision that the price to the purchasing agency, including profit or fee, shall be adjusted to exclude any significant sums by which the purchasing agency finds that the price was increased because the cost or pricing data furnished by the contractor was inaccurate, incomplete or not current as of the date agreed upon between the parties.

(c) Cost or pricing data not required.--The requirements of this section need not be applied to contracts under any of the following circumstances:

(1) When responsive proposals are received from two or more offerors.

(2) When the contract price is based on established catalog prices or market prices.

(3) When contract prices are set by statute or regulation.

(4) When it is determined in writing by the contracting officer that the requirements of this section may be waived and the reasons for the waivers are stated in writing.

Cross References. Section 534 is referred to in sections 552, 561 of this title.