Common use of Price Revisions Clause in Contracts

Price Revisions. Bid prices shall be firm except that price revisions will be permitted in accordance with the following procedure: Revisions to the original Contract price shall be based on prices published in the OIL PRICE INFORMATION SERVICE (OPIS) under the heading In Cash Markets, weekly average Spot report under “N.Y. Harbor Spot Barge Weekly Average” and Ethanol Spot Market Prices (New York). The weekly average of the daily high and low prices shown in the publication for each of the three conventional unleaded gasoline fuel types, RBOB, PreRBOB and Ethanol will be used to compute price revisions during the contract period. NYSPro will compute any price revisions by determining the difference between the weekly average of the daily high and low prices (base prices) published on May 6, 2013 and the weekly average of the daily high and low prices published on Monday every week during the contract period beginning with the publication of September 23, 2013. This differential (adjustment) + or - will be added to the base bid prices. Applicable price changes will be effective as of the start of business on the Friday immediately preceding the day of publication. Generally, the weekly average published in OPIS represents a 5-day average of high and low prices; however, as holidays occur which would eliminate a given daily range of prices, the weekly average may represent less than a 5-day average. Regardless of the number of days represented in the weekly average, the published weekly average will be utilized as the basis for price revisions. Final price shall be calculated by applying the above stated price revision to the base bid price. The State reserves the right to change to a daily, bi-weekly or monthly schedule in price revisions if the market conditions so warrant. Should postings differ from current description and/or format, a posting determined by the Commissioner of the Office of General Services in his or her sole discretion, to be most reflective of market conditions, will be used. Corrections to posted prices previously published will be considered when caused by a typographical or clerical error on the part of said publisher. The following clauses shall apply to all price adjustments under any contract awarded:

Price Revisions. Bid prices shall be firm except that price revisions will be permitted in accordance with the following procedure: Revisions to the original Contract contract price shall be based on prices published in the OIL PRICE INFORMATION SERVICE (OPIS) under the heading In Cash Markets, weekly average Spot report under “Linden Weekly Average” for all types of conventional unleaded gasoline, “N.Y. Harbor Spot Barge Weekly Average” for RBOB and Pre RBOB, and Ethanol Spot Market Prices (New York)) for ethanol. The weekly average of the daily high and low prices shown in the publication for each of the three conventional unleaded gasoline fuel types, RBOB, PreRBOB and Ethanol will be used to compute price revisions during the contract period. NYSPro will compute any price revisions by determining the difference between the weekly average of the daily high and low prices (base prices) for the “N.Y. Harbor Spot Barge Weekly Average” published on May 6August 18, 2013 2014 and the weekly average of the daily high and low prices for both the “Linden Weekly Average” (for conventional unleaded gasoline) and “N.Y. Harbor Spot Barge Weekly Average” (for RBOB and Pre RBOB) published on Monday every week during the contract period beginning with the publication on December 22, 2014 or the publication immediately following the start date of September 23the contract, 2013whichever occurs first. This differential (adjustment) + or - will be added to the base bid prices. Applicable price changes will be effective as of the start of business on the Friday immediately preceding the day of publication. Generally, the weekly average published in OPIS represents a 5-day average of high and low prices; however, as holidays occur which would eliminate a given daily range of prices, the weekly average may represent less than a 5-day average. Regardless of the number of days represented in the weekly average, the published weekly average will be utilized as the basis for price revisions. Final price shall be calculated by applying the above stated price revision to the base bid price. The State reserves the right to change to a daily, bi-weekly or monthly schedule in price revisions if the market conditions so warrant. Should postings differ from current description and/or format, a posting determined by the Commissioner of the Office of General Services in his or her sole discretion, to be most reflective of market conditions, will be used. Corrections to posted prices previously published will be considered when caused by a typographical or clerical error on the part of said publisher. The following clauses shall apply to all price adjustments under any contract awardedthis Contract: