Common use of ECONOMIC ADJUSTMENT Clause in Contracts

ECONOMIC ADJUSTMENT. Pursuant to Washington state prevailing wage law, all work performed under a public works contract must be classified into one or more of the many labor classifications for which prevailing wage rates have been established. Fire Detection, Suppression, and Inspection Services performed by electronic technicians; sprinkler fitters; plumbers, pipefitters, and steamfitters; laborers; and sheet metal workers and performed in public buildings fall under this law. See RCW 39.12 and WAC 000-000-000. All such public building service maintenance contracts are subject to prevailing wage rates as established by the Washington State Department of Labor and lndustries. Accordingly, the prevailing wage rates that are in effect shall constitute the prevailing wage rates, which must be paid for the first year of the term of this Contract. Subsequently, for the remainder of the Contract term, the applicable prevailing wage rates as set forth by the Washington State Department of Labor and lndustries shall apply. There shall be no other economic adjustment to this Contract.