Colorado § 24-106-105 - Multiyear contracts.
Full text of Colorado Colorado Revised Statutes § 24-106-105 — Multiyear contracts., with citation guidance and answers to common questions.
§ 24-106-105. Multiyear contracts.
(1) Unless otherwise provided by law, a contract for supplies or services may be entered into for any period of time deemed to be in the best interests of the state if the term of the contract and conditions of renewal or extension, if any, are included in the solicitation and if funds are available for the first year at the time of contracting. If the chief procurement officer determines that extenuating circumstances exist and an extension of the contract beyond the term included in the solicitation is in the best interest of the governmental body, then the chief procurement officer may approve a longer term for a reasonable time based on what is practicable and necessary given the circumstances. The state shall initiate the renewal or extension of a contract for supplies or services. Payment and performance obligations for succeeding fiscal years shall be subject to the availability and appropriation of funds therefor.
(2) Prior to the utilization of a multiyear contract, it shall be determined in writing:
(a) That estimated requirements cover the period of the contract and are reasonably firm and continuing; and
(b) That such a contract will serve the best interests of the state by encouraging effective competition or otherwise promoting economies in state procurement.
(3) When funds are not appropriated or otherwise made available to support continuation of performance in a subsequent fiscal year, the contract shall be canceled, and the contractor may be reimbursed for the reasonable value of any nonrecurring costs incurred but not amortized in the price of the supplies or services delivered under the contract.
Source: L. 2017: Entire section added with relocated provisions, (HB 17-1051), ch. 99, p. 331, § 38, effective August 9.
Editor's note: This section is similar to former § 24-103-503 as it existed prior to 2017. For a detailed comparison of this section, see the comparative tables located in the back of the index.
Frequently Asked Questions About Colorado § 24-106-105
What does Colorado Revised Statutes § 24-106-105 cover?
Section 24-106-105 ("Multiyear contracts.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 24-106-105?
A common citation format is "Colorado Revised Statutes § 24-106-105" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 24-106-105 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.