Common use of Price Hold Clause in Contracts

Price Hold. All item prices shall remain set and unchanged for the initial twelve (12) month after the Contract effective date. The net effect of any price changes cannot increase the total cost to the State. After the initial 12 month period, price increases shall be approved by the State of Indiana on an annual basis with valid documentation from manufacturer on list price increase. Price increases per item shall continue to reflect the Contractor's original discount percentage or better. Price change will go into effect 30 days after approval documentation has been sent to Contractor from the State of Indiana. Quarterly market basket composition and non-market basket percentage off list price reviews will begin at the first quarterly business review and at every quarterly review for the remainder of this Contract. The State reserves the right to adjust the Market Basket items and Non-Market Basket percent off list price during the initial twelve (12) months. The approval document for price changes shall be issued through an amendment to this Contract by the State and include a new item listing, or Exhibit A, which will replace all prior versions of the item listing. Price Match If it is discovered that a product can be purchased from <Contractor's Website> or from an <Contractor’s Retail Store> for a price lower than its current contracted pricing, Contractor shall match the lower price for all products that are an exact item match. Price match purchase must have the approval of the State Contract Manager, as a special request purchase shall be required. Pricing Errors and Overcharges For any pricing errors or overcharges discovered by either party, the Contractor shall reimburse the State in full for all overcharges. Additionally, the Contractor shall pay to the State 10% of total purchase price of the accurately-priced items which had been invoiced at incorrect pricing, at the discretion of the State. The State shall pay Market Basket Price less 10% if any Market Basket items are removed without notification forcing Non-Market Basket Substitutes to be purchased. Any pricing errors shall be corrected by the next business day of notification to the Contractor of the error. The Contractor shall provide a credit to the Ordering Agency for pricing errors or penalty fees. In the event that multiple agencies are involved, credit distribution shall be determined at the discretion of IDOA.

Price Hold. All item prices shall remain set and unchanged for the initial twelve (12) month after the Contract effective date. The net effect of any price changes cannot increase the total cost to the State. After the initial 12 month period, price increases shall be approved by the State of Indiana on an annual basis with valid documentation from manufacturer on list price increase. Price increases per item shall continue to reflect the Contractor's original discount percentage or better. Price change will go into effect 30 days after approval documentation has been sent to Contractor from the State of Indiana. Quarterly market basket composition and non-market basket percentage off list price reviews will begin at the first quarterly business review and at every quarterly review for the remainder of this Contract. The State reserves the right to adjust the Market Basket items and Non-Market Basket percent off list price during the initial twelve (12) months. The approval document for price changes shall be issued through an amendment to this Contract by the State and include a new item listing, or Exhibit A, which will replace all prior versions of the item listing. Price Match If it is discovered that a product can be purchased from <Contractor's Website> or from an <Contractor’s Contractors Retail Store> for a price lower than its current contracted pricing, Contractor shall match the lower price for all products that are an exact item match. Price match purchase must have the approval of the State Contract Manager, as a special request purchase shall be required. Pricing Errors and Overcharges For any pricing errors or overcharges discovered by either party, the Contractor shall reimburse the State in full for all overcharges. Additionally, the Contractor shall pay to the State 10% of total purchase price of the accurately-priced items which had been invoiced at incorrect pricing, at the discretion of the State. The State shall pay Market Basket Price less 10% if any Market Basket items are removed without notification forcing Non-Market Basket Substitutes to be purchased. Any pricing errors shall be corrected by the next business day of notification to the Contractor of the error. The Contractor shall provide a credit to the Ordering Agency for pricing errors or penalty fees. In the event that multiple agencies are involved, credit distribution shall be determined at the discretion of IDOA.

Price Hold. All item prices shall remain set and unchanged for the initial twelve (12) month after the Contract effective date. The net effect of any price changes cannot increase the total cost to the State. After the initial 12 month period, price increases shall be approved considered by the State of Indiana on an annual basis with valid documentation documentation, submitted by the Contractor, from manufacturer on list price increase. Price increases per item shall continue to reflect the Contractor's original discount percentage or better. Price change will go into effect 30 days after approval documentation has been sent to Contractor from the State of Indiana. Quarterly market basket composition and non-market basket percentage off list price reviews will begin at the first quarterly business review and at every quarterly review for the remainder of this Contract. The State reserves the right to adjust the Market Basket items and Non-Market Basket percent off list price during the initial twelve (12) months. The approval document for price changes shall be issued through an amendment to this Contract by the State and include a new item listing, or Exhibit AExhibit, which will replace all prior versions of the item listing. Price Match If it is discovered that a product can be purchased from <Contractor's Website> or from an <Contractor’s Retail Store> for a price lower than its current contracted pricing, Contractor shall match the lower price for all products that are an exact item match. Price match purchase must have the approval of the State Contract Manager, as a special request purchase shall be required. Pricing Errors and Overcharges For any pricing errors or overcharges discovered by either party, the Contractor shall reimburse the State in full for all overcharges. Additionally, the Contractor shall pay to the State 10% of total purchase price of the accurately-priced items items/services which had been invoiced at incorrect pricing, at the discretion of the State. The State shall pay Market Basket Price less 10% , if any Market Basket items are removed without notification forcing Non-Market Basket Substitutes Contractor fails to be purchased. Any correct pricing errors shall be corrected by the next business day discrepancies within 7 days of notification to the Contractor of the errornotification. The Contractor shall provide a credit or check to the Ordering Agency State Agency, whichever the State agency prefers, for the pricing errors or penalty feeserrors. In the event that multiple agencies are involved, credit distribution shall be determined at the discretion of IDOA. Term This Contract shall be effective for a period of two (2) years. It shall commence on July 1, 2019 and shall remain in effect through June 30, 2021. Access to Records The Contractor and its subcontractors, if any, shall maintain all books, documents, papers, make such materials available at their respective offices at all reasonable times during this Contract, and for three (3) years from the date of final payment under this Contract, for inspection by the State or its authorized designees. Copies shall be furnished at no cost to the State if requested. Assignment; Successors The Contractor binds its successors and assignees to all the terms and conditions of this Contract. The Contractor shall not assign or subcontract the whole or any part of this Contract without the State's prior written consent. The Contractor may assign its right to receive payments to such third parties as the Contractor may desire without the prior written consent of the State, provided that the Contractor gives written notice (including evidence of such assignment) to the State thirty (30) days in advance of any payment so assigned. The assignment shall cover all unpaid amounts under this Contract and shall not be made to more than one party.

Price Hold. All item prices shall remain set and unchanged for the initial twelve (12) month after the Contract effective date. The net effect of any price changes cannot increase the total cost to the State. After the initial 12 month period, price increases shall be approved considered by the State of Indiana on an annual basis with valid documentation documentation, submitted by the Contractor, from manufacturer on list price increase. Price increases per item shall continue to reflect the Contractor's original discount percentage or better. Price change will go into effect 30 days after approval documentation has been sent to Contractor from the State of Indiana. Quarterly market basket composition and non-market basket percentage off list price reviews will begin at the first quarterly business review and at every quarterly review for the remainder of this Contract. The State reserves the right to adjust the Market Basket items and Non-Market Basket percent off list price during the initial twelve (12) months. The approval document for price changes shall be issued through an amendment to this Contract by the State and include a new item listing, or Exhibit AExhibit, which will replace all prior versions of the item listing. Price Match If it is discovered that a product can be purchased from <Contractor's Website> or from an <Contractor’s Retail Store> for a price lower than its current contracted pricing, Contractor shall match the lower price for all products that are an exact item match. Price match purchase must have the approval of the State Contract Manager, as a special request purchase shall be required. Pricing Errors and Overcharges For any pricing errors or overcharges discovered by either party, the Contractor shall reimburse the State in full for all overcharges. Additionally, the Contractor shall pay to the State 10% of total purchase price of the accurately-priced items items/services which had been invoiced at incorrect pricing, at the discretion of the State. The State shall pay Market Basket Price less 10% , if any Market Basket items are removed without notification forcing Non-Market Basket Substitutes Contractor fails to be purchased. Any correct pricing errors shall be corrected by the next business day discrepancies within 7 days of notification to the Contractor of the errornotification. The Contractor shall provide a credit or check to the Ordering Agency State Agency, whichever the State agency prefers, for the pricing errors or penalty feeserrors. In the event that multiple agencies are involved, credit distribution shall be determined at the discretion of IDOA. Term This Contract shall be effective for a period of two (2) years. It shall commence on December 31, 2019, 2019 and shall remain in effect through xx/xx/xx December 31,2021 Access to Records The Contractor and its subcontractors, if any, shall maintain all books, documents, papers, make such materials available at their respective offices at all reasonable times during this Contract, and for three (3) years from the date of final payment under this Contract, for inspection by the State or its authorized designees. Copies shall be furnished at no cost to the State if requested. Assignment; Successors The Contractor binds its successors and assignees to all the terms and conditions of this Contract. The Contractor shall not assign or subcontract the whole or any part of this Contract without the State's prior written consent. The Contractor may assign its right to receive payments to such third parties as the Contractor may desire without the prior written consent of the State, provided that the Contractor gives written notice (including evidence of such assignment) to the State thirty (30) days in advance of any payment so assigned. The assignment shall cover all unpaid amounts under this Contract and shall not be made to more than one party.