[§103D-411]  Value engineering clauses. The State shall insert clauses providing for value engineering incentives inall public works contracts for amounts in excess of $250,000.  The clausesshall provide:

(1)  That cost reduction proposals submitted bycontractors:

(A)  Must require, in order to be applied tothe contract, a change order thereto; and

(B)  Must result in savings to the State orcounty, as the case may be, by providing less costly items than those specifiedin the contract without impairing any of their essential functions andcharacteristics such as service life, reliability, substitutability, economy ofoperation, ease of maintenance, and necessary standardized features; and

(2)  That accepted cost reduction proposals shallresult in an equitable adjustment of the contract price so that the contractorwill share a portion of the realized cost reduction. [L 1999, c 149, pt of §2]