Determination of the Contract Price in case of Variation Sample Clauses

Determination of the Contract Price in case of Variation. In the event of the Variation of the Work in terms of the Clause 3.5.2 and 3.5.3 above, the adjustment in the Contract Price shall be determined in the following manner: a. If rate for varied item of Work is specified in the Bill of Quantities, the Contractor shall carry out the varied item of Work (“Varied Work”) at the rate adjusted with the mark- up quoted by the Contractor for any variations. b. If the rate for any Varied Work is not specified in the Bill of Quantities, the rate for the such item of the Varied Work shall be derived from the rate for the nearest similar item specified in the Bill of Quantitates. c. If the rates of any Varied Work is not included in the Bill of Quantities, such item of Work shall be carried out as per the Gujarat Government approved SOR, and if item is unavailable therein, carried out as per the Delhi Schedule of rates. d. If the rate for any Varied Work cannot be determined in the manner specified in (a) to (c) above, then the Contractor will be paid at such fair and reasonable rates as worked out by the Authority on the basis of material and labour required to execute the item and allowing 12 percent (twelve percent) towards overhead charges and Contractor's profit. e. The decision of the Authority shall be final and binding in this regard
Sample 1
AutoNDA by SimpleDocs
Determination of the Contract Price in case of Variation. In the event of the Variation of the Work, the adjustment in the Contract Price shall be determined in the following manner: (a) If rate for varied item of Work is specified in the Bill of Quantities, the Contractor shall carry out the varied item of Work (“Varied Work”) at the rate adjusted with the mark- up quoted by the Contractor for any variations. (b) If the rate for any Varied Work is not specified in the Bill of Quantities, the rate for the such item of the Varied Work shall be derived from the rate for the nearest similar item specified in the Bill of Quantities and the decision of the Authority as to the nearest comparable item shall be final and binding on the Contractor. (c) If the rates of any Varied Work is not included in the Bill of Quantities, such item of Work shall be carried out as per the Gujarat Government approved schedule of rates applicable for the year in which the tender was received. In the event if item is unavailable therein, Work shall be carried out as per the Delhi Schedule of Rates applicable for the year in which the tender was received. (d) If the rate for any Varied Work cannot be determined in the manner specified in (a) to (c) above, then the Contractor will be paid at such fair and reasonable rates as worked out by the Authority on the basis of rate analysis and/or material and labour required to execute the item and allowing 12 percent (twelve percent) towards overhead charges and Contractor's profit. (e) No extra claim shall be entertained of such items. The decision of the Authority shall be final and binding in this regard.
Sample 1Sample 2
Determination of the Contract Price in case of Variation. In the event of the Variation of the Work in terms of the Clause 2.5.2 above for categories (a) and (d) as per clause 2.5, the adjustment in the Contract Price shall be determined in the following manner: (a) If rate for varied item of Work is specified in the Bill of Quantities, the Contractor shall carry out the varied item of Work (“Varied Work”) at the rate adjusted with the mark- up quoted by the Contractor for any variations. (b) If the rate for any Varied Work is not specified in the Bill of Quantities, the rate for the such item of the Varied Work shall be derived from the rate for the nearest similar item specified in the Bill of Quantities and the decision of the Authority as to the nearest comparable item shall be final and binding on the Contractor. (c) If the rates of any Varied Work is not included in the Bill of Quantities, such item of Work shall be carried out as per the Gujarat Government approved schedule of rates applicable for the year in which the tender was received. In the event if item is unavailable therein, Work shall be carried out as per the Delhi Schedule of Rates applicable for the year in which the tender was received. (d) If the rate for any Varied Work cannot be determined in the manner specified in (a) to (c) above, then the Contractor will be paid at such fair and reasonable rates as worked out by the Authority on the basis of rate analysis and/or material and labour required to execute the item and allowing 12 percent (twelve percent) towards overhead charges and Contractor's profit. No extra claim shall be entertained of such items. The decision of the Authority shall be final and binding in this regard. In the event of the Variation in quantities of items as per schedule-10 (categories (c) as per clause 2.5), the adjustment in the Contract Price shall be determined in the following manner: i. The Contractor shall be paid only for the actual amount of work done no other extra claim shall be entertained in this regard. ii. Unless otherwise stipulated, the accepted variation in the quantity of each contract item would be up to 30% of the quantity initially contracted. The Contractor shall be bound to carry out the service at the agreed rates and shall not be entitled to any claim or compensation whatsoever up to the limit of 30% variation in the quantity of the individual item of services. iii. If the Authority decides to increase or decrease the variation beyond 30% of contracted quantity, the rates and acceptability sh...
Sample 1
Determination of the Contract Price in case of Variation. In the event of the Variation of the Work in terms of the Clause 3.5.2 and 3.5.3 above, the adjustment in the Contract Price shall be determined in the following manner: a. If rate for varied item of Work is specified in the Bill of Quantities, the Contractor shall carry out the varied item of Work (“Varied Work”) at the rate adjusted with the mark- up quoted by the Contractor for any variations. b. If the rate for any Varied Work is not specified in the Bill of Quantities, the rate for the such item of the Varied Work shall be derived from the rate for the nearest similar item specified in the Bill of Quantitates . c. If the rates of any Varied Work is not included in the Bill of Quantities, such item of Work shall be carried out as per the Delhi Schedule of Rates, based on which the estimate is framed d. If the rate for any Varied Work cannot be determined in the manner specified in (a) to (c) above, then the Contractor will be paid at such fair and reasonable rates as worked out by the Authority on the basis of material and labour required to execute the item and allowing 12 percent (twelve percent) towards overhead charges and Contractor's profit. e. The decision of the Authority / its DTA agency shall be final and binding in this regard
Sample 1
Determination of the Contract Price in case of Variation. In the event of the Variation of the Work in terms of the Clause 2.5.2 above for categories (a) and (d) as per clause 2.5, the adjustment in the Contract Price shall be determined in the following manner: (a) If rate for varied item of Work is specified in the Bill of Quantities, the Contractor shall carry out the varied item of Work (“Varied Work”) at the rate adjusted with the mark- up quoted by the Contractor for any variations. (b) If the rate for any Varied Work is not specified in the Bill of Quantities, the rate for such item of the Varied Work shall be derived from the rate for the nearest similar item specified in the Bill of Quantitates and the decision of the Authority as to the nearest comparable item shall be final and binding on the Contractor. (c) If the rates of any Varied Work is not included in the Bill of Quantities, such item of Work shall be carried out as per Schedule of Rates of the Road and Building Department of Government of Gujarat for the year in which the tender was received. In the event that item is not available in the Gujarat Schedule of Rate, the work shall be carried out as per the Central Public Works Department (CPWD)/Delhi Schedule of rates for the year in which the tender was received. (d) If the rate for any Varied Work cannot be determined in the manner specified in (a) to
Sample 1

Related to Determination of the Contract Price in case of Variation

  • 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).

  • Contract Changes Changes may not be made in the terms and conditions of this contract without the agreement and written permission of the Director of Residence Life or the Director’s designee.

  • THE CONTRACT PRICE A. This Contract is an indefinite-quantity contract for construction work and services. The Estimated Annual Value of this Contract is $2,000,000. This is only an estimate and may increase or decrease at the discretion of Sourcewell. B. The Contractor shall perform any or all Tasks in the Construction Task Catalog for the Unit Price appearing therein multiplied by the following Adjustment Factors:

  • Variation of the contract The parties undertake not to vary or modify the Clauses. This does not preclude the parties from adding clauses on business related issues where required as long as they do not contradict the Clause.

  • 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 $15,165.00 payable in accordance with the terms hereof and to the satisfaction of the OWNER.

  • Certification of Funds; Budget and Fiscal Provisions; Termination in the Event of Non-Appropriation This Agreement is subject to the budget and fiscal provisions of the City’s Charter. Charges will accrue only after prior written authorization certified by the Controller, and the amount of City’s obligation hereunder shall not at any time exceed the amount certified for the purpose and period stated in such advance authorization. This Agreement will terminate without penalty, liability or expense of any kind to City at the end of any fiscal year if funds are not appropriated for the next succeeding fiscal year. If funds are appropriated for a portion of the fiscal year, this Agreement will terminate, without penalty, liability or expense of any kind at the end of the term for which funds are appropriated. City has no obligation to make appropriations for this Agreement in lieu of appropriations for new or other agreements. City budget decisions are subject to the discretion of the Mayor and the Board of Supervisors. Contractor’s assumption of risk of possible non-appropriation is part of the consideration for this Agreement. THIS SECTION CONTROLS AGAINST ANY AND ALL OTHER PROVISIONS OF THIS AGREEMENT.

  • Mechanical Adjustments If the Company shall pay a dividend in shares of its Common Stock (other than payments of Common Stock as interest on preferred stock), subdivide (split) its outstanding shares of Common Stock, combine (reverse split) its outstanding shares of Common Stock, issue by reclassification of its shares of Common Stock any shares or other securities of the Company, or distribute as a stock dividend to holders of its Common Stock any securities of the Company or of another entity, the number of shares of Common Stock or other securities the Holder hereof is entitled to purchase pursuant to the Warrants immediately prior thereto shall be adjusted so that the Holder shall be entitled to receive upon exercise the number of shares of Common Stock or other securities which he, she or it would have owned or would have been entitled to receive after the happening of any of the events described above had the Warrant been exercised immediately prior to the happening of such event, and the Exercise Price shall be correspondingly adjusted; provided, however, that no adjustment in the number of shares and/or the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in such number and/or price; and provided further, however, that any adjustments which by reason of this Section 11 are not required to be made shall be carried forward and taken into account in any subsequent adjustment. An adjustment made pursuant to this Section 11 shall become effective immediately after the record date in the case of a stock dividend or other distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. The Holder shall be entitled to participate in any subscription or other rights offering made to holders of Common Stock as if he, she or it had purchased the full number of shares as to which the Warrant remains unexercised immediately prior to the record date for such rights offering.

  • DISTRIBUTION OF CONTRACTOR PRICE LIST AND CONTRACT APPENDICES Contractor shall provide Authorized Users with electronic copies of the Contract, including price lists and Appendices, upon request. Contract Updates will be handled as provided in Appendix C – Contract Modification Procedures.

  • CONDITIONS FOR EMERGENCY/HURRICANE OR DISASTER - TERM CONTRACTS It is hereby made a part of this Invitation for Bids that before, during and after a public emergency, disaster, hurricane, flood, or other acts of God that Orange County shall require a “first priority” basis for goods and services. It is vital and imperative that the majority of citizens are protected from any emergency situation which threatens public health and safety, as determined by the County. Contractor agrees to rent/sell/lease all goods and services to the County or other governmental entities as opposed to a private citizen, on a first priority basis. The County expects to pay contractual prices for all goods or services required during an emergency situation. Contractor shall furnish a twenty-four (24) hour phone number in the event of such an emergency.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!