62 Pa.C.S. § 541
This is the official text of 62 Pa.C.S. § 541, part of Pennsylvania’s Pa.C.S — part of the compiled statutory law of Pennsylvania, published by the state as "Pa.C.S." Browse the sections below, each linked to its official government source.
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Approval of accounting system.
Official statutory text
No contract type shall be used unless it has been determined in writing by the head of the purchasing agency that:
(1) The proposed contractor's accounting system will permit timely development of all necessary cost data in the form required by the specific contract type contemplated.
(2) The proposed contractor's accounting system is adequate to allocate costs in accordance with generally accepted accounting principles. Notwithstanding the preceding, a contract may be used without a prior written determination where the contract is a firm, fixed-price contract or a contract awarded under section 516 (relating to emergency procurement). Cross References. Section 541 is referred to in sections 561, 9119 of this title.
(1) The proposed contractor's accounting system will permit timely development of all necessary cost data in the form required by the specific contract type contemplated.
(2) The proposed contractor's accounting system is adequate to allocate costs in accordance with generally accepted accounting principles. Notwithstanding the preceding, a contract may be used without a prior written determination where the contract is a firm, fixed-price contract or a contract awarded under section 516 (relating to emergency procurement). Cross References. Section 541 is referred to in sections 561, 9119 of this title.
Status: in_force · Read it on the official government site
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