Common use of Power of LOST to Fix Rates Clause in Contracts

Power of LOST to Fix Rates. Provided that if the nature or amount of any varied work relative to the nature or amount of the whole of the Works or to any part thereof, is such that, in the opinion of LOST, the rate or price contained in the Contract for any item of the Works is, by reason of such varied work, rendered inappropriate or inapplicable, then, after due consultation by LOST with the Contractor, a suitable rate or price shall be agreed upon between LOST and the Contractor. In the event of disagreement, LOST shall fix such other rate or price as is, in its opinion, appropriate and shall notify the Contractor accordingly. Until such times as rates or prices are agreed or fixed, LOST shall determine provisional rates or prices to enable on-account payments.