CONTRACT PRICE LIST UPDATES Clause Samples
The "Contract Price List Updates" clause establishes the process by which the prices for goods or services under the contract may be revised during the contract term. Typically, this clause outlines how often updates can occur, the method for notifying the other party of changes, and any limitations or conditions on price adjustments, such as requiring mutual agreement or adherence to market indices. Its core function is to provide a structured and transparent mechanism for adjusting pricing, thereby ensuring both parties can respond to changing costs or market conditions while maintaining fairness and predictability in the contractual relationship.
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CONTRACT PRICE LIST UPDATES. Requests for Contract Price List updates may include item additions and deletions, and price decreases and increases. Price List additions are limited to items within the scope of the applicable Lot, in accordance with Section 1.2, Detailed Scope. Percentage discounts shall not decrease for the life of the Contract. Pricing is firm for the first year of the Contract. The Contractor may annually request updates to the Contract Price List based on pricing and items offered in an updated Published Price List. Requests for pricing updates must include an electronic copy of the Contract Price List and an updated Published Price List. OGS shall benchmark updated pricing to assess reasonableness of price update requests. Requests are subject to approval by OGS. In connection with any pricing update, the State reserves the right to request additional information, reject pricing updates, remove Products from Contracts, remove Products from Contract updates or request additional discounts for new or existing Products.
CONTRACT PRICE LIST UPDATES. Requests for Contract Price List updates may include item additions and deletions, and price decreases and increases, with the exception of Standardized List items (See Section 6.15 Standardized List Item Updates). Price List additions are limited to items within the scope of the original Contract award, in accordance with Section 1.3, Detailed Scope. Percentage discounts shall not decrease for the life of the Contract.