Adjustment of Contract Clause Samples
The Adjustment of Contract clause allows for modifications to the terms of an agreement in response to specific changes in circumstances, such as variations in scope, unforeseen events, or regulatory updates. Typically, this clause outlines the process for requesting and approving adjustments, which may include changes to price, timelines, or deliverables. Its core function is to provide a structured mechanism for adapting the contract to evolving conditions, thereby reducing disputes and ensuring both parties remain aligned as circumstances change.
Adjustment of Contract. Notwithstanding any other provisions of this contract, STATE may, pursuant to Oregon law, make adjustments in the contract when major catastrophes or significant changes in state or federal law after the date of this contract materially affect the volume and value of timber, or project work to be done, as specified in the section titled, "Project Work," under the contract. Major catastrophes or events beyond the reasonable control of the parties are defined as windstorms, floods, fire, or other acts of God, or significant changes in state or federal law, which are beyond the control of PURCHASER and in no way connected with negligent acts or omissions of PURCHASER, its officers, employees, agents, or subcontractors. Market conditions shall not be considered a reason for contract adjustments. Such adjustments may be made to place the parties in their original status under the contract insofar as possible; provided, however, that any loss or cost to PURCHASER is in no way recoverable from third parties by PURCHASER and that PURCHASER make written application to STATE within 30 days after discovery of the damage done by the catastrophe. If, prior to acceptance of project work, a catastrophe (as defined above) caused by a single event results in additional project work for PURCHASER involving an additional estimated cost of more than: (1) $500 for sales less than one-half million board feet; (2) $1,000 for sales of one-half million to three million board feet; or
Adjustment of Contract. Notwithstanding any other provisions of this contract, STATE may, pursuant to Oregon law, make adjustments in the contract when major catastrophes or significant changes in state or federal law after the date of this contract materially affect the volume and value of timber under the contract. Major catastrophes or events beyond the reasonable control of the parties are defined as windstorms, floods, fire, or other acts of God, or significant changes in state or federal law, which are beyond the control of PURCHASER and in no way connected with negligent acts or omissions of PURCHASER, its officers, employees, agents, or subcontractors. Market conditions shall not be considered a reason for contract adjustments. Such adjustments may be made to place the parties in their original status under the contract insofar as possible; provided, however, that any loss or cost to PURCHASER is in no way recoverable from third parties by PURCHASER and that PURCHASER make written application to STATE within 30 days after discovery of the damage done by the catastrophe. If, prior to completion of the contract, a change in state or federal law, or a major catastrophe as defined above, materially affects the volume and value of timber, STATE may adjust the volume and value accordingly. STATE shall determine the adjustment volume by either an individual tree sample cruise, or a point sample cruise to a 5 percent sampling error of the volume. For purposes of this contract, "materially affect" shall mean more than $5,000. Value adjustment shall be calculated by multiplying the volume adjustment times the contract value. For each species sold on a recovery basis, contract value is defined as the price per MBF listed in Section 44. If species is not listed in Section 44, the highest price listed in Section 44 shall apply. For species sold on a lump sum basis, the contract value for each species shall be determined by using STATE's unamortized timber appraisal value, multiplied by the bid-up factor. Bid-up factor shall be calculated by STATE using the following calculation: bid value all species/appraised value all species = bid-up factor.
Adjustment of Contract. Notwithstanding any other provisions of this contract, STATE may, pursuant to Oregon law, make adjustments in the contract when major catastrophes or significant changes in state or federal law after the date of this contract materially affect the volume and value of timber under the contract. Major catastrophes or events beyond the reasonable control of the parties are defined as windstorms, floods, fire, or other acts of God, or significant changes in state or federal law, which are beyond the control of PURCHASER and in no way connected with negligent acts or omissions of PURCHASER, its officers, employees, agents, or subcontractors. Market conditions shall not be considered a reason for contract adjustments. Such adjustments may be made to place the parties in their original status under the contract insofar as possible; provided, however, that any loss or cost to PURCHASER is in no way recoverable from third parties by PURCHASER and that PURCHASER make written application to STATE within 30 days after discovery of the damage done by the catastrophe. If, prior to acceptance of project work, a catastrophe (as defined above) caused by a single event results in additional project work for PURCHASER involving an additional estimated cost of more than: (1) $500 for sales less than one-half million board feet; (2) $1,000 for sales of one-half million to three million board feet; or
Adjustment of Contract. Notwithstanding any other provisions of this contract, STATE may, pursuant to Oregon law, make adjustments in the contract when major catastrophes or significant changes in state or federal law after the date of this contract materially affect the volume and value of timber, or project work to be done, as specified in the section titled, "Project Work," under the contract. Major catastrophes or events beyond the reasonable control of the parties are defined as windstorms, floods, fire, or other acts of God, or significant changes in state or federal law, which are beyond the control of PURCHASER and in no way connected with negligent acts or omissions of PURCHASER, its officers, employees, agents, or subcontractors. Market conditions shall not be considered a reason for contract adjustments. Such adjustments may be made to place the parties in their original status under the contract insofar as possible; provided, however, that any loss or cost to PURCHASER is in no way recoverable from third parties by PURCHASER and that PURCHASER make written application to STATE within 30 days after discovery of the damage done by the catastrophe. If, prior to acceptance of project work, a catastrophe (as defined above) caused by a single event results in additional project work for PURCHASER involving an additional estimated cost of more than: (1) $500 for sales less than one-half million board feet; (2) $1,000 for sales of one-half million to three million board feet; or (3) $3,000 for sales over three million board feet, STATE may adjust the contract and become responsible for any additional estimated cost which exceeds the above amount. Adjustments by STATE shall be based on advertised volumes and may be accomplished by adjusting stumpage prices or payment of such cost to PURCHASER or by performing its share of the necessary work. The estimated cost of additional work shall be calculated by STATE. If, prior to completion of the contract, a change in state or federal law, or a major catastrophe as defined above, materially affects the volume and value of timber, STATE may adjust the volume and value accordingly. STATE shall determine the adjustment volume by either an individual tree sample cruise, or a point sample cruise to a 5 percent sampling error of the volume. For purposes of this contract, "materially affect" shall mean more than $5,000. Value adjustment shall be calculated by multiplying the volume adjustment times the contract value. For each species sold o...
Adjustment of Contract. Time There will be no adjustment of the Contract Time for changes that do not impact the Critical Path of the Approved Construction Schedule, as revised or updated. Design-Builder must show that the change affected the Critical Path of the Approved Construction Schedule, as revised or updated, and how the change increased (or decreased) the Contract Time to complete the Work.
Adjustment of Contract. Rents Due to Property Tax Ex- emption or Similar Savings. The Contract Rents may be reduced to reflect real property tax exemption or similar savings where the initial Contract Rents were approved on the assumption that the project would not receive the benefit of tax abatement or similar savings. The Owner agrees to notify the CA in the event such a project begins to receive such an exemption or similar savings so that the initial Contract Rents or the Contract Rents then in effect may be reduced.
Adjustment of Contract. Sum when substantially all of an alternate is deleted). If the Owner deletes substantially all of the Work contemplated by an alternate before five percent (5%) of the Work under that alternate has been performed, the Contract Sum shall be adjusted as provided in this Section 6.3.12 and not pursuant to the last sentence of Section 6.3.7. The method and the adjustment shall be determined by the Owner as follows: First, the Contract Sum will be reduced by the full amount of the alternate that is deleted. Next, the Contract Sum will be increased to compensate the Design-Builder for losses that the Design-Builder cannot avoid, if the Design-Builder had acted reasonably in making arrangements to do the Work contemplated by the alternate before it was
.1 ( Limitations on adjustment) The Contract Sum will not be increased to reflect profits that the Design- Builder, Architect, Consultant, subconsultant, Contractor, subcontractor, or any other person would or might have made if the alternate had not been deleted. The Contract Sum will not be increased to reflect overhead that the Design-Builder, Architect, Consultant, subconsultant, Contractor or subcontractor, or any other person would or might have incurred if the alternate had not been deleted. To the extent that the Design-Builder performed up to five percent of the Work contemplated by the deleted alternate, the Contract Sum shall be adjusted for the Work performed as if the Work performed had been the subject of an additive Change Directive.
Adjustment of Contract. Any change or alteration of this agreement or extra commitment accepted by either Party regarding this agreement might be official whenever prove recorded as a hard copy marked by each gathering or an approved delegate of each group. It concurs that there is no portrayal, guarantee, insurance understanding or condition influencing this agreement aside from as explicitly given right now.