Contract Price Element Adjustment Memoranda (CPEAM Sample Clauses

Contract Price Element Adjustment Memoranda (CPEAM. Contract Administrator is authorized to issue a CPEAM to reallocate sums between the Contract Price Elements within the GMP. In no event shall the GMP be modified except by Change Order or Amendment. If County changes the Scope of Work, the Fixed Fee shall be adjusted as set forth in Section 10.4. Contractor shall advise Contract Administrator in writing within seven (7) calendar days of receipt of a CPEAM of any objections or claims arising from the CPEAM or same shall be deemed waived. The following specific CPEAMs are contemplated, but additional or different CPEAMs may be issued: 10.3.1 When subcontracts of the Project are bid and have been executed, if the sum of the bids is below the Contractor’s Estimated Direct Construction Cost, a CPEAM shall be issued by Contract Administrator to move the surplus to the Owner’s Allowance Account. If the sum of the subcontracts awarded exceeds the Contractor’s Estimated Direct Construction Cost, the deficiency may be taken by CPEAM from the Owner’s Allowance Account at the sole discretion of Contract Administrator, provided however, it shall not be cause to increase the GMP.
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Contract Price Element Adjustment Memoranda (CPEAM. The CA shall be authorized to issue a CPEAM which is agreed to by the CONTRACTOR and the CA to memorialize the reallocation of sums among the Contract Price elements within the Contract Price. In no event shall the Contract Price be modified except by appropriate Change Order. Agreement on any CPEAM shall constitute a final settlement on all items affected therein, including without limitation any adjustment in the Contract Price elements, subject to performance thereof and payment therefore pursuant to the terms of this Agreement and CPEAM. The cost of any work authorized by a CPEAM shall be determined in accordance with this Agreement, except that CONTRACTOR shall not be entitled to additional General Conditions unless contract time is extended by the CA or as approved by the CA. CONTRACTOR shall advise CPM in writing within seven (7) calendar days of receipt of a CPEAM of any and all objections or claims arising from the CPEAM or same shall be deemed waived. The following specific CPEAM’s are contemplated, but additional or different CPEAM’s may be issued, provided they do not result in a change to the Contract Price: 7.3.1 When 85% of the CONTRACTOR’s Direct Construction Costs of the Project have been awarded, and if the sum of the subcontracts executed is less than the CONTRACTOR’s Direct Construction Cost for such work, then a CPEAM shall be issued transferring 50% of such surplus from the CONTRACTOR’s Contingency Account to COUNTY’s Contingency Account. If the sum of the subcontracts awarded exceeds the CONTRACTOR’s Direct Construction Cost for such work, then the deficiency will be taken by CPEAM from the CONTRACTOR’s Contingency Account. 7.3.2 During the progress of construction, the CONTRACTOR’s Contingency Account within the GMP may be decreased and the surplus transferred to the COUNTY’s Contingency Account by issuance of a CPEAM detailing the terms of the transfer and documenting the mutual written consent of the CONTRACTOR and the CA, which consent shall not be unreasonably withheld. 7.3.3 An adjustment of Contract Time may be issued by the CA consistent with Section 7.6 and the CA’s authority with a Change Order for Excusable Delays and for issues involving the COUNTY's Contingency Account as described below.
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Related to Contract Price Element Adjustment Memoranda (CPEAM

  • C1 Contract Price In consideration of the Contractor’s performance of its obligations under the Contract, the Authority shall pay the Contract Price in accordance with clause C2 (Payment and VAT).

  • PRICE ESCALATION/DE-ESCALATION (CPI) The County may allow a price escalation provision within this award. The original contract prices shall be firm for an initial one (1) year period. A price escalation/de-escalation will be considered at one (1) year intervals thereafter, provided the Contractor notifies the County, in writing, of the pending price escalation/de-escalation a minimum of sixty (60) days prior to the effective date. Price adjustments shall be based on the latest version of the Consumers Price Index (CPI-U) for All Urban Consumers, All Items, U.S. City Average, non-seasonal, as published by the U.S. Department of Labor, Bureau of Labor Statistics. This information is available at xxx.xxx.xxx. Price adjustment shall be calculated by applying the simple percentage model to the CPI data. This method is defined as subtracting the base period index value (at the time of initial award) from the index value at time of calculation (latest version of the CPI published as of the date of request for price adjustment), divided by the base period index value to identify percentage of change, then multiplying the percentage of change by 100 to identify the percentage change. Formula is as follows: Current Index – Base Index / Base Index = % of Change CPI for current period 232.945 Less CPI for base period 229.815 Equals index point change 3.130 Divided by base period CPI 229.815 Equals 0.0136 Result multiplied by 100 0.0136 x 100 Equals percent change 1.4% % of Change x 100 = Percentage Change CPI-U Calculation Example: A price increase may be requested only at each time interval specified above, using the methodology outlined in this section. To request a price increase, Contractor shall submit a letter stating the percentage amount of the requested increase and adjusted price to the Orange County Procurement Division. The letter shall include the complete calculation utilizing the formula above, and a copy of the CPI-U index table used in the calculation. The maximum allowable increase shall not exceed 4%, unless authorized by the Manager, Procurement Division. All price adjustments must be accepted by the Manager, Procurement Division and shall be memorialized by written amendment to this contract. No retroactive contract price adjustments will be allowed. Should the CPI-U for All Urban Consumers, All Items, U.S City Average, as published by the U.S. Department of Labor, Bureau of Labor Statistics decrease during the term of the contract, or any renewals, the Contractor shall notify the Orange County Procurement Division of price decreases in the method outlined above. If approved, the price adjustment shall become effective on the contract renewal date. If the Contractor fails to pass the decrease on to the County, the County reserves the right to place the Contractor in default, cancel the award, and remove the Contractor from the County Vendor List for a period of time deemed suitable by the County. In the event of this occurrence, the County further reserves the right to utilize any options as stated herein.

  • Contract Price 3.1 For full and complete performance, OWNER agrees to pay CONTRACTOR the sum of $659,258.00 payable in accordance with the terms hereof and to the satisfaction of the OWNER.

  • Unit Price Work Work to be paid for on the basis of unit prices as defined and described in the Contract Documents. A percentage markup for overhead or profit shall be included in all unit prices.

  • Economic Price Adjustment is the adjustment to the Aircraft Basic Price (Base Airframe, Engine and Special Features) as calculated pursuant to Exhibit D.

  • Contract Term Adjustment “Contract Term Adjustment” means adjustment only as provided for in the three circumstances described in this Subsection. Under these circumstances, the contract term shall be adjusted in writing to include additional calendar days in one or more Normal Operating Seasons equal to the actual time lost, except as limited by paragraph (b) in this Subsection.

  • Price Adjustments for OGS Centralized Contracts Periodic price adjustments will occur no more than twice per year on a schedule to be established solely by OGS. Pricing offered shall be fixed for the first twelve (12) months of the Contract term. Such price increases will only apply to the OGS Centralized Contracts and shall not be applied retroactively to Authorized User Agreements or any Mini-bids already submitted to an Authorized User. Price decreases may be made at any time. Additionally, some price decreases shall be calculated in accordance with Appendix B, section 17, Pricing.

  • Price Schedule, Payment Terms and Billing, and Price Adjustments (a) Price Schedule: Price Schedule under this Contract is set forth in Exhibit B.

  • Price Decreases The following price decrease terms will apply to the Contract:

  • Year-End Adjustment If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the amount of the investment advisory fees waived or reduced and other payments remitted by the Adviser to the Fund or Funds with respect to the previous fiscal year shall equal the Excess Amount.

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