Economic Price Adjustment is the adjustment to the Aircraft Basic Price (Base Airframe, Engine and Special Features) as calculated pursuant to Exhibit D.
Economic Price Adjustment. The State will be entitled to a price decrease any time the Contractor or any of its distributors sells a product or a service to any similarly situated most favored customer for less than the price agreed to between the State and the Contractor under this Contract. Any time the Contractor or any of its distributors sells a product or provides a service to any customer or dealer for less than it is available to the State under this Contract, the Contractor must notify the State of that event within thirty (30) calendar days of its occurrence and immediately reduce the price of the affected goods or services to the State under this Contract. The Contractor will also notify the State within thirty (30) calendar days of any general reduction in the price of any product or service covered by this Contract even if the general reduction does not place the price of the product or service below the price available to the State under this Contract. The purpose of this notice of a general reduction in price is to allow the State to assess the value the State believes it is receiving under this Contract in light of the general reduction. If the State believes it is appropriate, the State will ask to renegotiate the price under this Contract of the goods and services affected by the general reduction in price. If the Contractor and the State cannot agree on a renegotiated price, the State will have the right, on notice to the Contractor, to immediately remove the affected products and services from this Contract.
Economic Price Adjustment. Per Master Contract section 3.3 Economic Adjustment, the prices set forth in Exhibit B of the master contract are increased by 7.7%. Price worksheet is hereby amended by deleting the existing Appendix B in its entirety and inserting the Attached Appendix B – Price Worksheet, which authorized price increase by the percentages listed above.
Economic Price Adjustment. See B.4 for information relating to the economic price adjustment features of this contract.
Economic Price Adjustment. Pursuant to section 3.4 of the Contract, the pricing for the services is hereby amended by deleting the existing Exhibit B – Fees and Rates in its entirety and inserting the attached Exhibit B – Fees and Rates (July 1, 2023). These prices include the agreed upon economic adjustment of 3% for the hourly rate and a $5.00 increase for booking fees. The Contract pricing for the services is hereby amended by deleting the existing Exhibit B – Fees and Rates in its entirety and inserting the attached Exhibit B – Fees and Rates (dated July 1, 2023). As of the effective date of this Amendment, these prices include the agreed upon economic adjustment of 3% for the hourly rate and a $5.00 increase for booking fees.
Economic Price Adjustment. Beginning twelve (12) months after the effective date of this Contract and for every annual anniversary thereafter, the prices set forth in Exhibit A – Included Ammunition and Prices may be adjusted upon Contractor request. Requests for price adjustment must be made in writing and be received between October 15 and December 15 of each calendar year to be eligible for an adjustment on the following February 1. In the event Contractor fails to timely request a price adjustment, Enterprise Services, at its sole discretion, may allow an untimely adjustment; Provided, however, that such adjustment will not be effective for any time prior to Enterprise Services’ price adjustment, and Contractor is in good standing, by reasonably performing Contract obligations, including timely sales reporting and paying vendor management fees as required herein, are eligible for economic adjustments. Price adjustments will be made in accordance with the average percentage change in the United States Department of Labor, Bureau of Labor and Statistics (BLS) Produce Price Indices (PPI) below issued for the contract term. Only final published data will be used. PCU332992332992 (Small Arms Ammunitions Manufacturing) Economic adjustment will lag one (1) calendar quarter past the Contract commencement date to allow for publication of BLS data. All calculations for the index shall be based upon the latest version of data published as of December 1st each year. Prices may be adjusted and effective on February 1st of each year. If an index is recoded (i.e., the recoded index is a direct substitute for the prior index according to the BLS), this Contract will use the recoded index, as applicable. If an index becomes unavailable, Enterprise Services shall substitute a proxy index. If there is not a direct substitute, the next higher aggregate index available will be used. The economic adjustment shall be calculated as follows: New Price = Old Price x (Current Period Index/Base Period Index). The “Current Period Index” is the average of the most recent twelve months of non- preliminary BLS Index values, and the “Base Period Index” is the average of the twelve months of non-preliminary BLS Index values prior to the Current Period Index.
Economic Price Adjustment. Section 3.3 – Economic Adjustment of the Contract is hereby amended by deleting the existing Section 3.3 in its entirety and inserting the following in lieu thereof:
Economic Price Adjustment. The Adjustment Factors may be updated on each anniversary of the award date to account for changes in construction costs, provided, the Contractor requests in writing, thirty days prior to the anniversary of the award date, that the Adjustment Factors be updated. Such request shall be delivered to the County and to Gordian. In the event the Contractor fails to deliver the request timely, then the County shall determine the date on which the Adjustment Factors will be updated, but in no event will such date be later than thirty days after the written request to update the Adjustment Factors is received by the County. Thereafter, the Contractor’s Adjustment Factors will be adjusted according to the following:
6.1.1. The Contractor’s Normal Working Hours and Restricted Working Hours Adjustment Factors will be adjusted according to the following:
6.1.1.1. A Base Year Index shall be calculated by averaging the 12 month Construction Cost Indices (CCI) for the average of the twenty cities published in the Engineering News Record (ENR) for the 12 months immediately prior to the month of the bid due date (e.g. April bid date, Base Year Index is April of the prior year to March of the bid date year).
6.1.1.2. A Current Year Index shall be calculated by averaging the 12 month Construction Cost Indices (CCI) for the average of the twenty cities published in the Engineering News Record (ENR) for the 12 months beginning with the month of anniversary of the bid due date (e.g. April bid date, Current Year Index is April of the prior year to March of the current year).
6.1.1.3. The Economic Price Adjustment shall be calculated by dividing the Current Year Index by the Base Year Index.
6.1.1.4. The Contractor’s original Adjustment Factors shall be multiplied by the Economic Price Adjustment to obtain the Contractor’s new Adjustment Factors effective for the next 12 months.
6.1.1.5. Averages shall be obtained by summing the 12 month indices and dividing by 12.
6.1.1.6. All calculations in this article shall be carried to the fifth decimal place and rounded to the fourth decimal place. The following rules shall be used for rounding:
6.1.1.7. The fourth decimal place shall be rounded up when the fifth decimal place is five (5) or greater.
6.1.1.8. The fourth decimal place shall remain unchanged when the fifth decimal place is less than five (5).
Economic Price Adjustment. The pricing under this contract shall be adjusted in accordance with this clause, provided that in no event will any pricing adjustment be made that would exceed the maximum permissible under any law in effect at the time of the adjustment. There will be no adjustment for orders placed during the first period specified below. Pricing will thereafter be eligible for adjustment during the second and any succeeding performance period(s). For each performance period after the first, a percentage figure will be calculated as described below and that figure will be the economic price adjustment for that entire next period. Pricing adjustments under this clause are not applicable to reimbursable postage or transportation costs, or to paper, if paper prices are subject to adjustment by separate clause elsewhere in this contract.
Economic Price Adjustment. Premiums may be adjusted upward or downward based on the experience rating of the Mission(s) covered by this contract. No adjustment will be allowed during the first 12x months of the contract. After such time, the Contractor or the Government may request an adjustment in premiums on an annual basis. Before any such adjustment is made, the Contractor agrees to provide the Government a balance sheet showing receipts (premiums received), payments (claims paid), the retention amount paid to the Contractor, and the difference between amounts received and paid. The Government reserves the right to have an independent third party review the balance sheet and make recommendations regarding the appropriateness of the requested adjustment. Any adjustment shall be subject to mutual agreement of the parties and shall result in a written modification to the contract. Any failure to reach agreement under this clause shall be subject to the procedures in the Disputes clause.
