Common use of Annual indexing Clause in Contracts

Annual indexing. 4.1. On 1 July 2017 and thereafter on each subsequent 1 July (each an "Indexing Date"), the Monthly Fees in paragraph 2 that have a Starting CPI Index and the hourly rates in paragraph 3 that have a Starting CPI Index will increase according to the following formula: New fee = Current fee x (Current CPI Index / Last CPI Index) Where: New fee: the Monthly Fee or hourly rate that will apply from 1 July in the relevant year Current fee: the applicable fee or rate that is specified in paragraphs 2 or 3 or that otherwise applies immediately before the relevant Indexing Date Current CPI Index: the CPI (as published by Statistics New Zealand) for the March immediately before the relevant Indexing Date Last CPI Index: the CPI, (as published by Statistics New Zealand) for the March 15 months before the relevant Indexing Date, or for any new fee added by variation, the Starting CPI Index agreed in that variation, provided that where the ratio of ‘Current CPI Index / Last CPI Index’ is less than 1 (one), the new fee will remain unchanged. 4.2. To avoid doubt, any new fees calculated under this paragraph 4 shall be agreed between the parties in writing and shall not require a more formal variation to this agreement to take effect.

Annual indexing. 4.1. On 1 July 2017 and thereafter on each subsequent 1 July (each an "Indexing Date"), the Monthly Fees in paragraph 2 that have a Starting CPI Index Index, and the hourly rates in paragraph 3 that have a Starting CPI Index will increase according to the following formula: New fee = Current fee x (Current CPI Index / Last CPI Index) Where: New fee: the Monthly Fee or hourly rate that will apply from 1 July in the relevant year Current fee: the applicable fee or rate that is specified in paragraphs 2 or 3 or that otherwise applies immediately before the relevant Indexing Date Current CPI Index: the CPI (as published by Statistics New Zealand) for the March immediately before the relevant Indexing Date Last CPI Index: the CPI, (as published by Statistics New Zealand) for the March 15 months before the relevant Indexing Date, or for any new fee added by variation, the Starting CPI Index agreed in that variation, provided that where the ratio of ‘Current CPI Index / Last CPI Index’ is less than 1 (one), the new fee will remain unchanged. 4.2. To avoid doubt, any new fees calculated under this paragraph 4 shall be agreed between the parties in writing and shall not require a more formal variation to this agreement to take effect.

Annual indexing. 4.1. On 1 July 2017 and thereafter on each subsequent 1 July (each an "Indexing Date"), the Monthly Fees in paragraph 2 that have a Starting CPI Index and Index, the hourly rates in paragraph 3 that have a Starting CPI Index Index, and the hourly rates in paragraph 5.3 will increase according to the following formula: New fee = Current fee x (Current CPI Index / Last CPI Index) Where: New fee: the Monthly Fee or hourly rate that will apply from 1 July in the relevant year Current fee: the applicable fee or rate that is specified in paragraphs 2 or 3 or that otherwise applies immediately before the relevant Indexing Date Current CPI Index: the CPI (as published by Statistics New Zealand) for the March immediately before the relevant Indexing Date Last CPI Index: the CPI, (as published by Statistics New Zealand) for the March 15 months before the relevant Indexing Date, or for any new fee added by variation, the Starting CPI Index agreed in that variation, provided that where the ratio of ‘Current CPI Index / Last CPI Index’ is less than 1 (one), the new fee will remain unchanged. 4.2. To avoid doubt, any new fees calculated under this paragraph 4 shall be agreed between the parties in writing and shall not require a more formal variation to this agreement to take effect.

Annual indexing. ‌ 4.1. On 1 July 2017 and thereafter on each subsequent 1 July (each an "Indexing Date"), the Monthly Fees in paragraph 2 that have a Starting CPI Index and the hourly rates in paragraph 3 that have a Starting CPI Index Index, will increase according to the following formula: New fee = Current fee x (Current CPI Index / Last CPI Index) Where: New fee: the Monthly Fee or hourly rate that will apply from 1 July in the relevant year Current fee: the applicable fee or rate that is specified in paragraphs 2 or 3 or that otherwise applies immediately before the relevant Indexing Date Current CPI Index: the CPI (as published by Statistics New Zealand) for the March immediately before the relevant Indexing Date Last CPI Index: the CPI, (as published by Statistics New Zealand) for the March 15 months before the relevant Indexing Date, or for any new fee added by variation, the Starting CPI Index agreed in that variation, provided that where the ratio of ‘Current CPI Index / Last CPI Index’ is less than 1 (one), the new fee will remain unchanged. 4.2. To avoid doubt, any new fees calculated under this paragraph 4 shall be agreed between the parties in writing and shall not require a more formal variation to this agreement to take effect.