Common use of Changes in Contract Price Clause in Contracts

Changes in Contract Price. In cases where the cost of the awarded contract is affected by any applicable new laws, ordinances, regulations, or other acts of the Government of the Philippines, promulgated after the date of bid opening, a contract price adjustment shall be made or appropriate relief shall be applied on a no loss-no gain basis.2 Any request for price escalation under extraordinary circumstances shall be submitted by the concerned entity to the National Economic and Development Authority (NEDA) with the endorsement of the Procuring Entity. The burden of proving the occurrence of extraordinary circumstances that will allow for price escalation shall rest with the party requesting for such escalation. NEDA shall only respond to such request after receiving the proof and the necessary documentation.3 For purposes of this Section, “extraordinary circumstances” shall refer to events that may be determined by the NEDA in accordance with the Civil Code of the Philippines, and upon the recommendation of the Procuring Entity concerned.4

Appears in 3 contracts

Samples: Construction Agreement, Construction Agreement, legal.upm.edu.ph

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Changes in Contract Price. In cases where the cost of the awarded contract Contract is affected by any applicable new laws, ordinances, regulations, or other acts of the Government of the Philippines, promulgated after the date of bid opening, a contract Contract price adjustment shall be made or appropriate relief shall be applied on a no loss-no gain basis.2 basis.3 Any request for price escalation under extraordinary circumstances shall be submitted by the concerned entity to the National Economic and Development Authority (NEDA) with the endorsement of the Procuring EntityPROCURING ENTITY. The burden of proving the occurrence of extraordinary circumstances that will allow for price escalation shall rest with the party requesting for such escalation. NEDA shall only respond to such request requests after receiving the proof and the necessary documentation.3 documentation.4 For purposes of this Section, “extraordinary circumstances” shall refer to events that may be determined by the NEDA in accordance with the Civil Code of the Philippines, and upon the recommendation of the Procuring Entity concerned.4PROCURING ENTITY concerned.5

Appears in 2 contracts

Samples: Construction Agreement, Construction Agreement

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