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

     (1)  That cost reduction proposals submitted by contractors:

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

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

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