Price Reduction for Defective Cost or Pricing Data. The original contract price and any additions thereto shall be adjusted to exclude any significant sums where the County determines that the contract price was increased due to inaccurate, incomplete or noncurrent wage rates and/or other factual unit costs. Upon such determination by the County, such price or cost or profit shall be reduced accordingly and this Agreement shall be modified in writing to reflect such reduction. All such price adjustments shall be made within one (1) year following the end of this Agreement.
Price Reduction for Defective Cost or Pricing Data.
a. If any price, including profit, negotiated in connection with this award, was increased by any significant amount because (1) the awardee or its subrecipient furnished cost or pricing data that were not complete, accurate and current as certified in its Certificate of Current Cost Pricing data, (2) a subrecipient or prospective subrecipient furnished the awardee cost or pricing data that were not complete, accurate and current as certified in its Certificate of Current Cost Pricing Data, or (3) any of these parties furnished data of any description that were not accurate, the price or cost shall be reduced accordingly and the award shall be amended to reflect the reduction.
b. Any reduction in the award price under paragraph a. above due to defective data from a prospective contractor that was not subsequently awarded the subaward shall be limited to the amount, plus applicable overhead and profit markup, by which the actual subaward price was not itself affected by defective cost or pricing data.
c. If the cognizant NSF Grants Officer determines under paragraph a. of this clause that a price or cost reduction should be made, the awardee agrees not to raise the following matters as a defense:
1. The awardee or subrecipient was a sole source supplier or otherwise was in a superior bargaining position and thus the price of the award would not have been modified even if accurate, complete and current cost or pricing data had been submitted.
2. The cognizant NSF Grants Officer should have known that the cost or pricing data in issue were defective even though the awardee or subrecipient took no affirmative action to bring the character of the data to the attention of the cognizant NSF Grants Officer.
3. The awardee or subrecipient did not submit a Certificate of Cost or Pricing Data. Except as prohibited by c.3. of this article, an offset in an amount determined appropriate by the cognizant NSF Grants Officer based upon the facts shall be allowed against the amount of an award price reduction if: • The awardee certifies to the cognizant NSF Grants Officer that, to the best of the awardee’s knowledge and belief, the awardee is entitled to the offset in the amount requested; and • The awardee proves that the cost or pricing data (or price of amendment) is accurate and that the data was not submitted before such date. An offset shall not be allowed if: • The understated data was known by the awardee to be understated when the Certificate of Cost or Pricing D...
Price Reduction for Defective Cost or Pricing Data. MODIFICATIONS
Price Reduction for Defective Cost or Pricing Data. If any price, including profit or fee, negotiated in connection with this contract, or any cost reimbursable under this contract was increased by any significant sum because the CONTRACTOR furnished cost or pricing data (e.g., service code cost summaries, salary schedules, reports of prior period costs, etc.) which was not accurate, complete, and current, the price or cost shall be reduced accordingly and the contract shall be modified in writing as may be necessary to reflect such reduction, and amounts overpaid shall be subjected to overpayment assessments. Any action the STATE may or may not take in reference to such price reduction shall be independent of, and not be prejudicial to, the STATE's right to terminate this agreement.
Price Reduction for Defective Cost or Pricing Data. 9.2.1 If any price, including profit or fee, negotiated in connection with this Agreement or any cost reimbursable under this Agreement was increased by any significant sums because:
9.2.1.1 Company furnished cost or pricing data that was not complete, accurate and current as certified in Company’s Certificate of Current Cost or Pricing Data provided in accordance with Paragraph 9.1 above.
9.2.2 Then the price or cost shall be reduced accordingly and the Order shall be modified in writing as may be necessary to reflect such reductions.
Price Reduction for Defective Cost or Pricing Data. If Buyer is subjected to any liability as the result of Sellees or its lower-tier subcontractors' submission and certification for defective cost or pricing data as set forth in subparagraphs (a) (1) or (2) of this clause, or their furnishing of data of any description that is inaccurate as set forth in subparagraphs (a) (3) of this clause, then Seller agrees to Indemnify and hold Buyer harmless to the full extent of any loss, damage or expense (excluding profit) resulting from such failure.
Price Reduction for Defective Cost or Pricing Data. 12.1 If the County determines that any line item, cost, or price in the Scope of Work, including but not limited to Profit, provided by the Engineer, negotiated in connection with this Agreement, or any cost reimbursable under this Agreement was overstated, misstated, or inflated by any material sum or amount (in the reasonable discretion of the County) because the Engineer, or any of its subcontractors, consultants, subconsultants, agents, or outside associates, furnished incomplete or inaccurate line item, cost, or pricing data or data not current as represented in the Scope of Work, then such line item, price, or cost in the Scope of Work, including but not limited to Profit, shall be reduced accordingly and this Agreement shall be promptly amended in writing to reflect such reduction in accordance with Article 22 of this Agreement.
12.2 Failure of the parties hereto to agree on a reduction to the applicable line item of the Scope of Work and the resulting decrease to the Total Price shall be subject to Article 8 of this Agreement.
Price Reduction for Defective Cost or Pricing Data. If the County determines that any line item, cost, or price in the Scope of Work, including but not limited to Profit, provided by the Landscape Architect/Civil Engineer, negotiated in connection with this Agreement, or any cost reimbursable under this Agreement was overstated, misstated, or inflated by any material sum or amount (in the reasonable discretion of the County) because the Landscape Architect/Civil Engineer, or any of its subcontractors, consultants, subconsultants, agents, or outside associates, furnished incomplete or inaccurate line item, cost, or pricing data or data not current as represented in the Scope of Work, then such line item, price, or cost in the Scope of Work, including but not limited to Profit, shall be reduced accordingly and this Agreement shall be promptly amended in writing to reflect such reduction in accordance with Article 22 of this Agreement.
Price Reduction for Defective Cost or Pricing Data. MODIFICATIONS With respect to any modification, change order, or otherwise, of this Contract which involves aggregate increases and/or decreases in costs plus applicable profit in excess of $100,000, in the event that the Contracting Officer ultimately determines that any price, including profit or fee, previously negotiated in connection with any such modification was based upon cost or pricing data furnished by the Contractor (including any prospective or actual subcontractor at any tier) which was not complete, accurate or current, such that the amount paid the Contractor for such price adjustment was thereby greater than that to which the Contractor would have been entitled based upon the submission and utilization of accurate and complete data, the Authority shall be entitled to an adjustment in an amount equal to such overpayment. The right granted the Authority hereunder shall be in addition to any other or additional rights it may have under this Contract or otherwise.
Price Reduction for Defective Cost or Pricing Data. MODIFICATIONS
A. This clause shall become operative only for any modification to this contract involving a pricing adjustment expected to exceed $100,000, except for which the price is: •Based on adequate price competition; •Based on established catalog or market prices of commercial items sold in substantial quantities to the general public; or •Set by law or regulation.
B. If any price, including profit or fee, negotiated in connection with any modification under this clause, or any cost reimbursable under this Contract, was increased by any significant amount because: (1) the Design-Builder or a subcontractor furnished cost or pricing data that were not complete, accurate, and current as certified in its Certificate of Current Cost or Pricing Data; or (2) a subcontractor or prospective subcontractor furnished the Design- Builder cost or pricing data that were not complete, accurate, and current as certified in the Design-Builder’s Certificate of Current Cost or Pricing Data; or (3) any of these parties furnished data of any description that were not accurate, the price or cost shall be reduced accordingly and the Contract shall be modified to reflect the reduction. This right to a price reduction is limited to that resulting from defects in data relating to modifications for which this subparagraph becomes operative under paragraph A. above.
C. Any reduction in the Contract Price under paragraph B. above due to defective data from a prospective subcontractor that was not subsequently awarded the subcontract shall be limited to the amount, plus applicable overhead and profit markup, by which (1) the actual subcontract or (2) the actual cost to the Design-Builder, if there was no subcontract, was less than the prospective subcontract cost estimate submitted by the Design-Builder; provided, that the actual subcontract price was not itself affected by defective cost or pricing data.
D. If the Procurement Officer determines that a price or cost reduction should be made, the Design-Builder agrees not to raise the following matters as a defense:
1. The Design-Builder or subcontractor was a sole source supplier or otherwise was in a superior bargaining position and thus the price of the contract would not have been modified even if accurate, complete, and current cost of pricing data had been submitted;
2. The Procurement Officer should have known that the cost or pricing data in issue were defective even though the Design-Builder or subcontractor took no affi...
