Decrease in the Contract Price Clause Samples

The "Decrease in the Contract Price" clause establishes the conditions under which the agreed-upon price for goods or services under a contract may be reduced. Typically, this clause applies if the delivered goods or services do not fully meet the contract specifications, are delayed, or if there are other breaches that diminish their value. For example, if a supplier delivers fewer units than promised or the quality is substandard, the buyer may be entitled to a proportional reduction in the price. The core function of this clause is to provide a fair mechanism for adjusting payment to reflect actual performance, thereby protecting the buyer from overpaying for incomplete or deficient deliverables.
Decrease in the Contract Price. The method of calculating the decrease in the Cost of the Work and Contract Price resulting from a Change Order shall be the amount of the actual net decrease in the Cost of the Work plus an amount equal to five percent (5%) of the amount of such net decrease to compensate the Contractor for the Contractor’s overhead a profit as a result of the decrease in the Cost of the Work and Contract Price.
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Related to Decrease in the Contract Price

  • THE CONTRACT PRICE A. This Contract is an indefinite-quantity contract for construction work and services. The Estimated Annual Value of this Contract is $2,000,000. This is only an estimate and may increase or decrease at the discretion of Sourcewell. B. The Contractor shall perform any or all Tasks in the Construction Task Catalog for the Unit Price appearing therein multiplied by the following Adjustment Factors:

  • C1 Contract Price In consideration of the Contractor’s performance of its obligations under the Contract, the Authority shall pay the Contract Price in accordance with clause C2 (Payment and VAT).

  • Contract Price The Contractor shall supply the Contractor Deliverables to the Authority at the Contract Price. The Contract Price shall be a Firm Price unless otherwise stated in Schedule 3 (Contract Data Sheet). Subject to clause G2 the Contract Price shall be inclusive of any UK custom and excise or other duty payable. The Contractor shall not make any claim for drawback of UK import duty on any part of the Contract Deliverables supplied which may be for shipment Overseas. D Intellectual Property

  • Price Increase For purposes of this paragraph, “Contract Year” means a twelve

  • Price Increases This section applies to pricing not Benchmarked to GSA Supply Schedule. Additionally, where pricing submitted for Services is not benchmarked to an approved GSA Supply Schedule: