(1) As used in this section, "contract price":
(a) means the price under an existing contract between a procurement unit and a contractor; and
(b) does not include a proposed price or cost contained in a solicitation response or any other bid, proposal, or offer submitted by a person other than the contractor under the existing contract.
(2) A contractor may:
(a) increase the contract price only in accordance with the terms of the contract; and
(b) subject to Subsection (3), lower the contract price at any time during the time a contract is in effect.
(3) A contractor under a multiple award contract resulting from a bidding process may not lower the contract price unless the contractor's solicitation response that led to the contract award was the lowest price solicitation response.