Hourly Rates or Service Pricing. For multi-year contracts that provide services. The Contractor may submit a price reduction that implements a lower and more favorable cost to the City at anytime during the contract. Contractor requests for rate increases must be no sooner than two years after contract signature, are at the discretion of the Buyer; and must be:
Hourly Rates or Service Pricing. For multi-year contracts that provide services. The vendor may submit a price reduction that implements a lower and more favorable cost to the City at anytime during the contract. Vendor requests for rate increases must be no sooner than two years after contract signature, are at the discretion of the Buyer; and must be: The direct result of increases to wage rates and do not exceed the CPI Index or other appropriate service rate index agreed upon between the Buyer and the Vendor. Incurred after contract commencement date. Not produce a higher profit margin than that on the original contract. Clearly identify the service titles and the hours of service performed if specified within the contract and the before and after wage rates for such titles. Be filed with Buyer a minimum of 90 calendar days before the effective date of proposed increase. Be accompanied by detailed documentation acceptable to the Buyer sufficient to warrant the increase. The United States published indices such as the Consumer Price Index or other government data may be referenced to help substantiate the Vendor’s documentation. A link to the CPI Data is available at xxxx://xxxx.xxx.xxx/PDQ/xxxxxxx.xxx?survey=wp. The Adjustment (if any) shall remain firm and fixed for at least 365 days after the effective date of the adjustment. Should not deviate from the original contract pricing scheme/methodology
