A unit may not enter into a cost-reimbursement contract unless the procurement officer determines that: a cost-reimbursement contract is likely to be less costly to the State than any other type of contract; or except for leases of real property, the kind or quality of procurement that the unit requires could not be obtained practicably under any other type of contract. A unit may not enter into a procurement contract that is wholly or partly a cost-reimbursement contract unless the procurement officer determines that the accounting system of the contractor: will allow timely development of all necessary cost data in the form required by the specific type of procurement contract under consideration; and is adequate to allocate costs in accordance with generally accepted accounting principles. A cost-reimbursement contract shall provide that costs, including costs for subcontractors, will be reimbursed only if the costs are allowable and allocable under: the procurement contract; or the regulations of the Board on cost principles. A contractor under a cost-reimbursement contract shall give notice to and, as required under the contract, obtain approval from a procurement officer before the contractor enters into: a cost-reimbursement subcontract; or any subcontract involving more than: $25,000; or 5% of the estimated cost of the procurement contract.