Sec. 481.2. Subcontract on cost-plus basis

In view of the fact that a so-called sub-contract covering any part of the work to be performed under a cost-plus contract or agreement entered into by a public utility company is, in effect, the contract or agreement of the public utility company within the meaning of section 115 of the Public Service Law, every such subcontract on a cost-plus basis, proposed to be let under a principal contract or agreement which is subject to section 481.1 of this Part, shall be filed, in accordance with the requirements of section 3.5 of this Title, with the commission in accordance with the requirements of provisions of such section. All such contracts or agreements shall contain suitable provisions to give effect to the provisions of this Part. This section shall not apply to a subcontract which provides by its terms that the maximum payment thereunder shall not exceed the sum of $5,000.