Common use of Indexation Clause in Contracts

Indexation. Where any part of the Schedules to this Agreement specify that a sum of money should be paid by a developer, if any payment is not paid on the date of this Agreement then at the date that it is paid in accordance with the terms of this Agreement it shall be calculated in accordance with the following formula:- C = £Y x B A where: A is the value of the BCIS All In Tender Price Index (“the BCIS Index”) last published before the date hereof and B is the value of the BCIS Index last published before the said contribution has been paid and C is the contribution to be paid and £Y is the Education Contribution