Common use of Variation of Price Clause in Contracts

Variation of Price. a. The prices stated in the Schedule of Requirements are FIXED at 1 January 2024 price levels. The prices do not include provision beyond this date for increases or decreases in the market price of the Articles being purchased. Any such variation shall be calculated in accordance with the following formula: V = P (a+b (Oi/O0)) - P Where: V represents the variation of price P represents the FIXED price as stated in the Schedule of Requirements O represents the index Top Level SPPI, Sections H to U excl. Section K O0 represents the average OUTPUT Price Index figure for the base period Oi represents the average OUTPUT Price Index figure for the period in which variation is being made a represents the Non- Variable Element (NVE) b represents the Variable Element a+b=1 b. The Index referred to in Clause 1 above shall be taken from the following Tables: ONS - Top Level SPPI, Sections H to U excl. Section K c. Indices published with a ‘B’ or ‘F’ marker, or a suppressed value, in the last 3 years are not valid for Variation of Price clauses and shall not be used. Where the price index has an ‘F’ marker or suppression applied to it during the term of the Contract, the Authority and the Contractor shall agree an appropriate replacement index or indices. The replacement index or indices shall cover, to the maximum extent possible, the same economic activities as the original index or indices.

Variation of Price. a. The prices stated in the Schedule of Requirements are FIXED at 1 January 2024 2023 price levels. The prices do not include provision beyond this date for increases or decreases in the market price of the Articles being purchased. Any such variation shall be calculated in accordance with the following formula: V = P (a+b (Oi/O0)) - P Where: V represents the variation of price P represents the FIXED price as stated in the Schedule of Requirements O represents the index Top Level SPPI, Sections H to U excl. Section K O0 represents the average OUTPUT Price Index figure for the base period Oi represents the average OUTPUT Price Index figure for the period in which variation is being made a represents the Non- Variable Element (NVE) b represents the Variable Element a+b=1 b. The Index referred to in Clause 1 above shall be taken from the following Tables: ONS - Top Level SPPI, Sections H to U excl. Section K c. Indices published with a ‘B’ or ‘F’ marker, or a suppressed value, in the last 3 years are not valid for Variation of Price clauses and shall not be used. Where the price index has an ‘F’ marker or suppression applied to it during the term of the Contract, the Authority and the Contractor shall agree an appropriate replacement index or indices. The replacement index or indices shall cover, to the maximum extent possible, the same economic activities as the original index or indices.

Variation of Price. a. The prices stated in the Schedule of Requirements are FIXED at 1 January 2024 2026 price levels. The prices do not include provision beyond this date for increases or decreases in the market price of the Articles being purchased. Any such variation shall be calculated in accordance with the following formula: V = P (a+b (Oi/O0)) - P Where: V represents the variation of price P represents the FIXED price as stated in the Schedule of Requirements O 0 represents the index Top Level SPPI, Sections H to U excl. Section K O0 156 ▇▇▇▇ (Food and beverage serving services) 00 represents the average OUTPUT Price Index figure for the base period Oi represents the average OUTPUT Price Index figure for the period in which variation is being made a represents the Non- Variable Element (NVE) b represents the Variable Element a+b=1 b. The Index referred to in Clause 1 above shall be taken from the following Tables: ONS - Top Level SPPI, Sections H to U excl. Section K 156 ▇▇▇▇ (Food and beverage serving services) c. Indices published with a ‘'B’ ' or ‘'F’ ' marker, or a suppressed value, in the last 3 years are not valid for Variation of Price clauses and shall not be used. Where Vlhlere the price index has an ‘'F’ ' marker or suppression applied to it during the term of the Contract, the Authority and the Contractor shall agree an appropriate replacement index or indices. The replacement index or indices shall cover, to the maximum extent possible, the same economic activities as the original index or indices.

Variation of Price. a. The prices stated in the Schedule of Requirements are FIXED at 1 January 2024 July 2023 price levels. The prices do not include provision beyond this date for increases or decreases in the market price of the Articles being purchased. Any such variation shall be calculated in accordance with the following formula: V = P (a+b (Oi/O0)) - P Where: V represents the variation of price P represents the FIXED price as stated in the Schedule of Requirements O represents the index Top Level SPPI, Sections H to U excl. Section K O0 represents the average OUTPUT Price Index figure for the base period Oi represents the average OUTPUT Price Index figure for the period in which variation is being made a represents the Non- Variable Element (NVE) b represents the Variable Element a+b=1 b. The Index referred to in Clause 1 above shall be taken from the following Tables: ONS - Top Level SPPI, Sections H to U excl. Section K c. Indices published with a ‘B’ or ‘F’ marker, or a suppressed value, in the last 3 years are not valid for Variation of Price clauses and shall not be used. Where the price index has an ‘F’ marker or suppression applied to it during the term of the Contract, the Authority and the Contractor shall agree an appropriate replacement index or indices. The replacement index or indices shall cover, to the maximum extent possible, the same economic activities as the original index or indices.

Variation of Price. a. The prices stated in the Schedule of Requirements are FIXED at 1 January 2024 April 2023 price levels. The prices do not include provision beyond this date for increases or decreases in the market price of the Articles being purchased. Any such variation shall be calculated in accordance with the following formula: V = P (a+b (Oi/O0)) - P Where: V represents the variation of price P represents the FIXED price as stated in the Schedule of Requirements O represents the index Top Level SPPI, Sections H to U excl. Section K O0 represents the average OUTPUT Price Index figure for the base period Oi represents the average OUTPUT Price Index figure for the period in which variation is being made a represents the Non- Variable Element (NVE) b represents the Variable Element a+b=1 b. The Index referred to in Clause 1 above shall be taken from the following Tables: ONS - Top Level SPPI, Sections H to U excl. Section K c. Indices published with a ‘B’ or ‘F’ marker, or a suppressed value, in the last 3 years are not valid for Variation of Price clauses and shall not be used. Where the price index has an ‘F’ marker or suppression applied to it during the term of the Contract, the Authority and the Contractor shall agree an appropriate replacement index or indices. The replacement index or indices shall cover, to the maximum extent possible, the same economic activities as the original index or indices.