Contract Price Adjustment Clause Samples
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Contract Price Adjustment. 6.1. The Contractor agrees that prices shall remain firm for the Initial Contract Term. If consideration is to be given to adjusting the price after the Initial Contract Term or a Renewal Contract Term, the price may be adjusted only upon approval of a written request to the Procurement Agent. Upon receipt of the Contractor’s request, APS shall make a determination to approve or adjust the requested price increase based upon its investigations and the information provided by the Contractor. Any price adjustment agreed to shall take place only in accordance with the schedule defined above.
6.2. The request for an adjustment in the price shall include as a minimum, (1) the cause for the adjustment; (2) proposed effective date; and, (3) the amount of the adjustment requested with documentation to support the requested adjustment (i.e., appropriate Bureau of Labor Statistics index, change in manufacturer's price, etc.)
6.3. The request must be received at least thirty (30) days prior to the effective date of the expiration of the Initial Contract Term or Renewal Contract Term and shall become effective only upon approval by the Procurement Agent. The adjusted price shall not apply to orders received by the Contractor prior to the effective date of the approved increased price. Orders placed via Purchase Order, shall be considered to have been received by the Contractor after the fifth (5th) calendar day following the date issuance. The Procurement Agent may cancel, without liability to either party, any portion of the Contract affected by the requested adjustment and any materials, supplies or Services undelivered at the time of such cancellation.
Contract Price Adjustment. 3.1 In the event that the Contract Period is extended beyond the period specified in Section 2 the rates details in Section 3, 2.1 and 2.2 shall be adjustable based on a figure of up to but not exceeding the average Retail Price Index (RPI) rate over the immediately preceding 12 month period prior to the extension.
Contract Price Adjustment. 15.1 - For the products delivered and the services rendered, the payments due by the Purchaser to the Supplier are the ones stated in the tender attached to the contract.
Contract Price Adjustment. The Contract price may be adjusted prior to the beginning of the extension period and shall be subject to allotment and the availability of federal funds.
Contract Price Adjustment. 3.1 In the event that the Contract Period is extended beyond the period specified in Condition 3.1, the rates contained in this Schedule of Prices & Rates shall be adjustable in line with Condition 22.3, based on a figure of up to but not exceeding the average Retail Price Index (RPIX) rate over the immediately preceding 12 month period prior to the extension.
Contract Price Adjustment. 12.6.1 The increase or decrease in Contract Price resulting from a change in the Work shall be determined by one or more of the following methods:
12.6.1.1 Unit prices set forth in the Agreement or as subsequently agreed between the parties;
12.6.1.2 A mutually accepted, lump sum, properly itemized and supported by sufficient substantiating data to permit evaluation by Design-Builder;
12.6.1.3 Costs, fees and any other markups set forth in the Agreement; and
12.6.1.4 If an increase or decrease cannot be agreed to as set forth in items 12.6.1.1 through 12.6.1.3 above and Design-Builder issues a Work Change Directive, the cost of the change of the Work shall be determined by the reasonable expense and savings in the performance of the Work resulting from the change, including a reasonable overhead and profit, as may be set forth in this Agreement. If the net result of both additions and deletions to the Work is an increase in the Contract Price, reasonable overhead and profit shall be calculated on the basis of the net increase to the Contract Price. Design-Build Subcontractor shall maintain a documented, itemized accounting evidencing the expenses and savings associated with such changes.
12.6.2 If unit prices are set forth in the Contract Documents or are subsequently agreed to by the parties, but application of such unit prices will cause substantial inequity to Design-Builder or Design-Build Subcontractor because of differences in the character or quantity of such unit items as originally contemplated, such unit prices shall be equitably adjusted.
12.6.3 If Design-Builder and Design-Build Subcontractor disagree upon whether Design-Build Subcontractor is entitled to be paid for any services required by Design-Builder, or if there are any other disagreements over the scope of Work or proposed changes to the Work, Design-Builder and Design-Build Subcontractor shall resolve the disagreement pursuant to Article 13 hereof. As part of the negotiation process, Design-Build Subcontractor shall furnish Design-Builder with a good faith estimate of the costs to perform the disputed services in accordance with Design-Builder’s interpretations. If the parties are unable to agree and Design-Builder expects Design-Build Subcontractor to perform the services in accordance with Design-Builder’s interpretations, Design-Build Subcontractor shall proceed to perform the disputed services, conditioned upon Design-Builder issuing a written order to Design-Build Subcontractor (i...
Contract Price Adjustment. 8.1 The Contract Price Adjustment mechanism and/or provisions relating to contract price adjustment, contained in this schedule is compulsory and binding on all tenderers.
8.2 Tenderers are not permitted to amend, vary, alter or delete this schedule or any part thereof unless otherwise stated in this schedule, failing which the tender offer shall be declared non-responsive.
8.3 Tenderers are not permitted to offer firm prices except as provided for in the Price Schedule, and if the tenderer offers firm prices in contravention of this clause the tender offer shall be declared non- responsive.
8.4 Any claim for an increase in the Contract price shall be submitted in writing to the: Director Supply Chain Management, City of Cape Town, P O Box 655, Cape Town, 8000 or by email to: ▇▇▇.▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇.▇▇ ▇▇▇▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇.▇▇
8.5 The CCT reserves the right to withhold payment of any claim for contract price adjustment while only provisional figures are available and until the final (revised) figures are issued by the relevant authority.
8.6 When submitting a claim for contract price adjustment a supplier shall indicate the actual amount claimed for each item. A mere notification of a claim for contract price adjustment without stating the new price claimed for each item shall, for the purpose of this clause, not be regarded as a valid claim.
8.7 The CCT reserves the right to request the supplier to submit auditor’s certificates or such other documentary proof as it may require in order to verify a claim for contract price adjustment. Should the supplier fail to submit such auditor’s certificates or other documentary proof to the CCT within a period of 30 (thirty) days from the date of the request, it shall be presumed that the supplier has abandoned his claim.
8.8 The effective date of any price increases granted will be the date on which the abovementioned documentation/claim is submitted or, by agreement between the Contractor and the City, a subsequent date on which the price increase will be effective.
8.9 In instances where the Contractor’s price claimed is less than entitled, the lesser price will be accepted.
8.10 The CCT reserves the right to apply the indices available at the date of the claim submitted by the Contractor.
Contract Price Adjustment. Contract may be adjusted annually.
Contract Price Adjustment the Fully Burdened Hourly Rates are increased by 6% in accordance with the Consumer Price Index, All Items, Unadjusted, Urban Areas (“CPI-U”). Such increase will commence on July 1, 2023.