Common use of PRICE CHANGE CLAUSE Clause in Contracts

PRICE CHANGE CLAUSE. All prices quoted will remain firm for the first six (6) months of the contract. In the event of an industry wide price increase, the contractor may request a price change. This written request must be received by the Office of State Procurement not less than thirty (30) days prior to the requested price increase effective date. The contractor must provide documentation from the manufacturer certifying/justifying the increased cost. After receipt of required documentation and in the event a price change is authorized thereafter, said prices will remain firm for a period of not less than six (6) months. In the event of a general price decrease, the State shall be guaranteed full benefit of the price reduction for all undelivered purchase orders on the effective date of the decrease and thereafter. The State of Arkansas may monitor reductions by requesting the manufacturer to provide cost comparison data at any time after the first six months of the contract to reflect base cost (at time of award) to current cost (at time of request).