Every contract modification, change order or contract price adjustment under a construction contract with the town in excess of 5% of the contract amount or an aggregate of, whichever is the greater, shall be subject to prior approval by the Bids and Purchases Committee after receiving a report from the Mayor as to the effect of the contract modification project budget or the total contract budget. Additional funds in excess of allocated and budgeted amounts may be authorized by Town Council prior to execution of change order, contract modification or adjustment. Lesser amounts which do not exceed of the total contract price, or an aggregate of $10,000, whichever is the greater, may be approved by the Mayor when sufficient funds are available.
(Ord. 001-3, passed 3-1-2001)