1. For the purpose of awarding a formal contract solicited pursuant to subsection 2 of NRS 333.300 or awarding a contract for the services of a person as an independent contractor pursuant to subsection 1 of NRS 333.700, if a local business owned and operated by a veteran with a service-connected disability submits a bid or proposal for such a contract and is a responsive and responsible bidder, the bid or proposal shall be deemed to be 5 percent lower than the bid or proposal actually submitted.
2. The preference described in subsection 1 may not be combined with any other preference except for the preference described in NRS 333.3354.