Common use of Annual Adjustment of Additional Services Hourly Rates Clause in Contracts

Annual Adjustment of Additional Services Hourly Rates. Each year on the anniversary date of the execution of this Contract, the Design Professional shall be allowed to submit a request for an adjustment of its hourly rates and its consultant’s hourly rates for Additional Services as shown on Exhibit B, supported by appropriate cost indices, for approval by the Owner. The Owner is not obligated to adjust hourly rates that are not, in the Owner’s reasonable discretion, required or adequately supported.

Annual Adjustment of Additional Services Hourly Rates. Each year on the anniversary date of the execution of this Contract, the Design Professional shall be allowed to submit a request for an adjustment of its hourly rates and its consultant’s hourly rates for Additional Services as shown on Exhibit BA-1, supported by appropriate cost indices, for approval by the Owner. The Owner is not obligated to adjust hourly rates that are not, in the Owner’s reasonable discretion, required or adequately supported.