Common use of Price and Rate Guarantee Period Clause in Contracts

Price and Rate Guarantee Period. ‌ 3.1.1. The Product and Price List(s) identifies a complete listing of all Products and Services the Contractor can provide under this Master Agreement. 3.1.2. MSRP/List Price discount percentages must be guaranteed throughout the term of this Master Agreement, including any renewal terms; however, Contractor may increase its discount percentage at any time. The Lead State must be notified of any such discount percentage increase, and provided with a copy of the new Product and Price List(s). 3.1.3. MSRP/List Price shall remain firm during the first twelve (12) months of the Master Agreement. After this period, Awarded Vendors may update their MSRP/List Price on an annual basis, according to the following guidelines: a) All requested price increases must include documentation from Direct Material suppliers detailing cost escalations, and Awarded Vendors must describe how those escalations impact current Product offerings. b) With the exception of Direct Material cost increases, no price increase requests will be allowed. c) Updated Product and Price Lists must be submitted to the Lead State by the 1st day of the month at least one year after prior price increase updates. d) Pricing will not go into effect unless, or until, it is approved by the Lead State. 3.1.4. The Master Agreement pricing IS Ceiling Pricing. Contractor may offer lower pricing on a per Order basis to Purchasing Entity’s; likewise, Purchasing Entity’s may request lower pricing on a per Order basis from Contractor. 3.1.5. Contractor may offer state-wide temporary promotional discounts, customer location temporary specific discounts, bulk discounts, or spot discounts. Contractor must notify the Participating State or Entity Contract Administrator and Lead State of special state-wide temporary promotional discounts. 3.1.6. Any revisions to Product offerings (new NIJ approved items, etc.) must be pre-approved by the Lead State, and will be allowed once per quarter. 3.1.7. Product updates are required by the 1st of the month of a calendar quarter and shall go into effect upon approval by the Lead State. 3.1.8. Price Lists received after the 1st of the month of a calendar quarter may not be approved for up to one hundred twenty days (120) days following submission. In addition, errors in the Contractor’s Price Lists may delay the approval process further. 3.1.9. All approved Price Lists will be submitted by the Lead State to NASPO ValuePoint. Contractor shall then update all applicable websites with the new Price Lists after the NASPO ValuePoint website has been updated. 3.1.10. Contractor is only authorized to provide Products and Services that are awarded under this Master Agreement, as referenced in Exhibit A. 3.1.11. Pricing must include all shipping, delivery, and fitting costs associated with the Products.