Common use of PRICE ADJUSTMENT ON EXTENSION BEYOND INITIAL CONTRACT PERIOD Clause in Contracts

PRICE ADJUSTMENT ON EXTENSION BEYOND INITIAL CONTRACT PERIOD. 7.1 The Contract Price shall apply for the Initial Contract Period. In the event that the Authority agrees to extend the Initial Contract Period pursuant to clause 3 (extension beyond Initial Contract Period) the Authority shall, in the 6 month period prior to the expiry of the Initial Contract Period or as the case may be, in such other period as may be appropriate, enter into discussion in good faith with the Contractor (for a period of not more than 30 Working Days) to agree a variation in the Contract Price.