Annual Price Reviews. (a) No more than ***, GlobalLogic may adjust the overhead cost rates in accordance with Section 3.9.1 of the General Terms and Conditions. For the avoidance of doubt, such adjusted charges shall not be applied retroactively to past invoices issued or Services performed prior to the adjustment date set forth in Section 3.9.1.
(b) In the event that the Parties do not agree with respect to a proposed adjustment of the overhead costs set forth in Section 3.9.1 of the General Terms and Conditions, Client may seek to resolve the dispute in accordance with the dispute resolution procedures of the Agreement. In the event that such dispute is resolved in Client’s favor, GlobalLogic shall adjust the charges with retroactive application to the relevant adjustment date set forth in Section 3.9.1 of the General Terms and Conditions.
Annual Price Reviews. The contract price shall be fixed for the initial contract period i.e. year 1. Thereafter annual price reviews will be carried out which will reference the LME Lead Historical price graph xxxxx://xxx.xxx.xxx/en-GB/Metals/Non-ferrous/Lead#tabIndex=2. The LME Lead price for a “Cash buyer” on the date of award of this contract will be noted. On the date 12 months post award the average LME price for the preceding 3 months will be calculated. The variance in percentage terms between the two figures will be used to determine if any price changes are required. Note that prices may be moved up or down accordingly. Due to other elements excluding lead contributing to the cost of batteries the LME factor will only apply to 30% of the battery value. The example below illustrates the process; LME Price on award date 12 Oct 2017 $2567.50 LME average prices for preceding 3 months (prior to 12 Oct 2018) September 18 $2028.23 August 18 $2064.86 July 18 $2212.91 Average $2102.00 Variance between $2567.50 and $2102.00 is 18.13% This is applied to the costings as follows; Current Battery cost = £150 Variance in LME = - 18.13% New battery cost is therefore calculated as; £150/0.3 = £45 18.13% of £45 = £8.1585 New battery price = £141.84 The new prices will apply for the next twelve months when the process will be carried out again. No other index linking or other factors will be used to amend prices. Therefore for the avoidance of doubt only changes in the LME will be considered as grounds to vary the contract prices.
Annual Price Reviews. 4.1. All rates shall remain fixed for the five year duration of this Agreement except as amended by any rebates or discounts as detailed within the Appendices to this Schedule.
