Common use of Price Revision Formula Clause in Contracts

Price Revision Formula. Subject to clause 5.3 of the Panel Conditions, all rates and prices set out in the Schedule of Rates are to be adjusted (using the formula set out in paragraph (b) below) annually on the anniversary of the Base Date. The rise and fall formula for the purpose of clause 5.2 of the Panel Conditions is as follows: Pn = P0 x Where: Pn = the revised rate or price applying from the most recent annual anniversary of the Base Date; P0 = the rate or price applying at the Base Date; In = the published preceding September quarter Price Revision Index prior to the annual anniversary of the Base Date; and I0 = the published preceding September quarter Price Revision Index applying at the Base Date. Price Revision Index is the index set out below: ABS Catalogue 6345.0 Table 5 - Total Hourly Rates of Pay excluding Bonuses Private Sector - Professional, Scientific and Technical Services If the Price Revision Index described in paragraph (b) above is no longer published, the Commonwealth will apply the index which provides the most similar calculation as determined by the Commonwealth's Panel Manager (acting reasonably). For the avoidance of doubt, where the Consultant is engaged under a lump sum fee in respect of any Engagement, that lump sum fee will not (unless elsewhere stated in the relevant Terms of Engagement), be subject to rise and fall in costs.

Price Revision Formula. Subject to clause 5.3 of the Panel Conditions, all rates and prices set out in the Schedule of Rates are to be adjusted (using the formula set out in paragraph (b) below) annually on the anniversary of the Base Date. The rise and fall formula for the purpose of clause 5.2 of the Panel Conditions is as follows: Pn = P0 x Where: Pn = the revised rate or price applying from the most recent annual anniversary of the Base Date; P0 = the rate or price applying at the Base Date; In = the published preceding September March quarter Price Revision Index prior to the annual anniversary of the Base Date; and I0 = the published preceding September quarter Price Revision Index applying at for the quarter containing the Base Date. Price Revision Index is the index set out below: ABS Catalogue 6345.0 Wage Price Indexes Table 5 - Total Hourly Rates of Pay excluding Bonuses Private Sector - Professional, Scientific and Technical Services If the Price Revision Index described in paragraph (b) above is no longer published, the Commonwealth will apply the index which provides the most similar calculation as determined by the Commonwealth's Panel Manager (acting reasonably). For the avoidance of doubt, : where the Consultant is engaged under a lump sum fee in respect of any Engagement, that lump sum fee will not (unless elsewhere stated in the relevant Terms of Engagement), be subject to rise and fall in costs; and the Consultant's Panel Manager, in accordance with clause 5.3 of the Panel Conditions, may notify the Commonwealth's Panel Manager in writing of the adjustment to the rates and prices in this Schedules of Rates after the expiry of the Term, for so long as the Consultant is performing Services in respect of an Engagement.