Common use of Price Review Clause in Contracts

Price Review. 2.1 Prices shall be considered firm for the first 12 months of the Contract. 2.2 Thereafter the Prices may be subject to annual review in accordance with the movement over the previous 12 months on the most recently published CPI (Consumer Price Index) as published by the Office for National Statistics. Any price increase indicated through use of the stated index shall represent the maximum allowable. The Commissioner shall require reasonable evidence to satisfy itself of the appropriateness of such a price review and where the index has reduced may seek a reduction in price. 2.3 The Contractor shall not give less than 90 days notice in writing of the proposed price variation to the Commissioner. 2.4 The Contractor’s application shall be accompanied by information which details the increases in costs that have been incurred in respect of the performance of the Contract after the commencement, or the anniversary thereof, or the implementation of the last price increase (whichever is the most recent). The Commissioner cannot consider any application without such supportive information. 2.5 Where the Commissioner does not judge the information accompanying the application to be supportive of the proposed price or where its own review of the market identifies a different price level or trend in price movement to that included in the Contractors application, the Commissioner may: 2.5.1 Reject the application, in such case the current price under the Contract shall continue to apply. 2.5.2 Propose a reduced level of price increase which may be introduced with the agreement of the Contractor. In the event of the Contractor’s agreement not being given, the current price shall continue to apply until agreement between the parties is reached. The agreed price shall be implemented not less than one month after the date of its acceptance by both parties.

Price Review. 2.1 3.1 Prices shall be considered firm for the first 12 months of the Contract. 2.2 3.2 Thereafter the Prices may be subject to annual review in accordance with the movement over the previous 12 months on the most recently published CPI (Consumer Price Index) as published by the Office for National Statistics. Any price increase indicated through use of the stated index shall represent the maximum allowable. The Commissioner shall require reasonable evidence to satisfy itself of the appropriateness of such a price review and where the index has reduced may seek a reduction in price. 2.3 3.3 The Contractor Consultant shall not give less than 90 days 30 days’ notice in writing of the proposed price variation to the Commissioner. 2.4 3.4 The ContractorConsultant’s application shall be accompanied by information which details the increases in costs that have been incurred in respect of the performance of the Contract after the commencement, or the anniversary thereof, or the implementation of the last price increase (whichever is the most recent). The Commissioner cannot consider any application without such supportive information. 2.5 3.5 Where the Commissioner does not judge the information accompanying the application to be supportive of the proposed price or where its own review of the market identifies a different price level or trend in price movement to that included in the Contractors Consultant’s application, the Commissioner may: 2.5.1 3.5.1 Reject the application, in such case the current price under the Contract shall continue to apply. 2.5.2 3.5.2 Propose a reduced level of price increase which may be introduced with the agreement of the ContractorConsultant. In the event of the ContractorConsultant’s agreement not being given, the current price shall continue to apply until agreement between the parties is reached. The agreed price shall be implemented not less than one month after the date of its acceptance by both parties. 3.6 Any price increase accepted by the Commissioner shall be fixed for at least 12 months.

Price Review. 2.1 Prices shall be considered firm for the first 12 months of the Contract. 2.2 Thereafter the Prices may be subject to annual review in accordance with the movement over the previous 12 months on the most recently published CPI (Consumer Price Index) as published by the Office for National Statistics. Any price increase indicated through use of the stated index shall represent the maximum allowable. The Commissioner shall require reasonable evidence to satisfy itself of the appropriateness of such a price review and where the index has reduced may seek a reduction in price. 2.3 The Contractor shall not give less than 90 days notice in writing of the proposed price variation to the Commissioner. 2.4 The Contractor’s application shall be accompanied by information which details the increases in costs that have been incurred in respect of the performance of the Contract after the commencement, or the anniversary thereof, or the implementation of the last price increase (whichever is the most recent). The Commissioner cannot consider any application without such supportive information. 2.5 Where the Commissioner does not judge the information accompanying the application to be supportive of the proposed price or where its own review of the market identifies a different price level or trend in price movement to that included in the Contractors application, the Commissioner may: 2.5.1 Reject the application, in such case the current price under the Contract shall continue to apply. 2.5.2 Propose a reduced level of price increase which may be introduced with the agreement of the Contractor. In the event of the Contractor’s agreement not being given, the current price shall continue to apply until agreement between the parties is reached. The agreed price shall be implemented not less than one month after the date of its acceptance by both parties. 2.6 Any price increase accepted by the Commissioner shall be fixed for at least 12 months. .

Price Review. 2.1 3.1 Prices shall be considered firm for the first 12 months of the Contract. 2.2 3.2 Thereafter the Prices may be subject to annual review in accordance with the movement over the previous 12 months on the most recently published CPI (Consumer Price Index) as published by the Office for National Statistics. Any price increase indicated through use of the stated index shall represent the maximum allowable. The Commissioner shall require reasonable evidence to satisfy itself of the appropriateness of such a price review and where the index has reduced may seek a reduction in price. 2.3 3.3 The Contractor shall not give less than 90 days notice in writing of the proposed price variation to the Commissioner. 2.4 3.4 The Contractor’s application shall be accompanied by information which details the increases in costs that have been incurred in respect of the performance of the Contract after the commencement, or the anniversary thereof, or the implementation of the last price increase (whichever is the most recent). The Commissioner cannot consider any application without such supportive information. 2.5 3.5 Where the Commissioner does not judge the information accompanying the application to be supportive of the proposed price or where its own review of the market identifies a different price level or trend in price movement to that included in the Contractors application, the Commissioner may: 2.5.1 3.5.1 Reject the application, in such case the current price under the Contract shall continue to apply. 2.5.2 3.5.2 Propose a reduced level of price increase which may be introduced with the agreement of the Contractor. In the event of the Contractor’s agreement not being given, the current price shall continue to apply until agreement between the parties is reached. The agreed price shall be implemented not less than one month after the date of its acceptance by both parties. 3.6 Any price increase accepted by the Commissioner shall be fixed for at least 12 months.