Common use of Adjustment of Contract Clause in Contracts

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 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.