(a) The commissioner shall adopt regulations permitting the inclusion of clauses providing for adjustments in prices, time of performance, or other contract provisions as appropriate.
(b) The commissioner shall adopt regulations permitting or requiring the inclusion in state contracts of clauses providing for appropriate remedies and covering the following subjects:
(1) liquidated damages;
(2) specified excuses for delay or nonperformance;
(3) termination of the contract for default; and
(4) termination of the contract in whole or in part for the convenience of the state.