Common use of Derivation of new rates Clause in Contracts

Derivation of new rates. Each new rate or price shall be derived from any relevant rates or price in the Purchase Order with reasonable adjustments to take account of the matters described above, as per following order of precedence for pricing deviations: i. In respect of items already included in ▇▇▇▇ of Quantities, the new rates shall be derived from the identical item of BOQ. ii. In respect of items not included in ▇▇▇▇ of Quantities but where similar items are found in BOQ, the new rates shall be derived from the rates of similar item indicated in ▇▇▇▇ of quantities, where such a derivation is possible. iii. In respect of item neither directly included in BOQ nor there is similarity between the work carried and work specified in BOQ, new rate shall be derived from Standard Schedule of Rates promulgated by CPWD/MBPT/PWD/MIDC considering the percentage quoted/ negotiated during tendering stage. iv. Where it is not possible to derive the rates from the above (i) to (iii), the same shall be based on the actual cost to the Contractor plus a profit @ 15%. In this case the Contractor has to produce satisfactory evidence/vouchers as proof of expenditure.