OPTION TO RENEW WITH PRICE ADJUSTMENT. The contract may be renewed by mutual agreement, initiated at the discretion of the FSA, for up to two (2) additional years, on a year to year basis. The FSA reserves the right to in its sole discretion elect to renew the contract in whole or in part Prior to completion of each exercised contract term, the FSA may consider an adjustment to price due to changes to the Producer Price Index (PPI) as published by the U.S. Department of Labor, Bureau of Labor Statistics, or as a result of any changes to national or state standards that require substantial cost adjustments. Prices may be increased or decreased by the percentage change reflected in the nationally published PPI. The Administrator shall determine the PPI based on the initiated timing of the renewal that best reflects adjustments to the economy over the previous 12 months. In the event of changes to national or state standards, the vendor must present verifiable changes in cost to the Administrator. The Administrator will consider the cost changes and will make a final determination on the change in price. For any vendor-initiated adjustment to commence on the first day of the renewed contract term, the vendor's request or adjustment should be submitted one hundred and twenty (120) days prior to expiration of the then current contract. The vendor adjustment request must clearly substantiate the requested increase. If no request is received from the vendor, the FSA will assume that the vendor has agreed that the optional term may be exercised without pricing adjustment. Any adjustment request received after the commencement of a new option period will not be considered. The FSA reserves the right to accept the renewal adjustment or to allow the contract to terminate and re- advertise for bids, whichever is in the best interest of the FSA.
OPTION TO RENEW WITH PRICE ADJUSTMENT. Any Contract may be extended for an additional two (2) years, on a year to year basis, if mutually agreed by both parties. VSA is not required to accept a price adjustment for the upcoming year. Any allowable adjustment in price would be effective for the next Contractual period not for the current period. It is the Contractor’s responsibility to request any pricing adjustment under this provision. For any adjustment to commence on the first day of any option period, the Contractor’s request for adjustment should be submitted 60 days prior to expiration of the then current Contract term. The Contractor adjustment request must clearly substantiate the requested increase. If no adjustment request is received from the Contractor within the 60 day period, the VSA will assume that the vendor has agreed that the optional term may be exercised without pricing adjustment. Any adjustment request received after the commencement of a new option period will not be considered. The VSA reserves the right to accept the renewal adjustment or to allow the Contract to terminate and readvertise for Bids, whichever is in the best interest of the VSA.
OPTION TO RENEW WITH PRICE ADJUSTMENT. The contract may be extended for an additional two (2) years, on a year to year basis, if mutually agreed by upon both parties. Prior to completion of each exercised contract term, the FSA may consider an adjustment to price due to increases or decreases on the Consumer Price Index; but in no event will the prices be increased or decreased by a percentage greater than the percentage change reflected in the Nationally published Consumer Price Index-Goods and Services, computed 60 days prior to the anniversary date of the contract. It is the vendor’s responsibility to request any pricing adjustment under this provision. For any adjustment to commence on the first day of the extension option period, the vendor's request or adjustment should be submitted sixty (60) days prior to expiration of the then current contract term. The vendor adjustment request must clearly substantiate the requested increase. If no adjustment request is received from the vendor, the FSA will assume that the vendor has agreed that the optional term may be exercised without pricing adjustment. Any adjustment request received after the commencement of a new option period will not be considered. The FSA reserves the right to accept the renewal adjustment or to allow the contract to terminate and re-advertise for bids, whichever is in the best interest of the FSA.
