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: (1) Price increases are limited to changes in pre-selected postings as noted above. Increases in Contract costs or prices to compensate for other increases in the cost of doing business, regardless of where such cost increases are attributable, will not be allowed during the Contract period. (2) Should the price structure utilized by the parties become unworkable, detrimental or injurious to the State or result in prices which are not truly reflective of current market conditions and are deemed unreasonable or excessive by the Commissioner and no adjustment in price is mutually agreeable, the Commissioner reserves the sole right upon 10 days written notice mailed to the Contractor to terminate the Contract. If the Contractor is unable or unwilling to meet contractual requirements in whole or in part it shall immediately notify the State of such in order that the State may take appropriate action. Such notification shall be in writing and shall be addressed to the Office of General Services, NYSPro. (3) The federal government has determined that gasoline sold in certain counties: Bronx, Kings, Nassau, New York, Orange, Xxxxxx, Queens, Richmond, Rockland, Suffolk, Westchester [in the New York City Consolidated Metropolitan Statistical Area (CMSA)], and Dutchess County as an "opt-in," are subject to regulations mandating the use of OPRG(E) gasoline year round. Recognizing that pricing differentials occur on a regular basis, the State will incorporate the following methodology in the determination of the weekly price revision. EXAMPLE: METHODOLOGY FOR RBOB AND ETHANOL ADJUSTMENTS (OPRG(E) UNLEADED FUEL TYPES) Posted Date: May 6, 2013 RBOB x .90 + Ethanol x .10 = Blended Average (2.7820 x .90) + (2.7055 x .10) = Blended Average

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: (1) Price increases are limited to changes in pre-selected postings as noted above. Increases in Contract contract costs or prices to compensate for other increases in the cost of doing business, regardless of where such cost increases are attributable, will not be allowed during the Contract contract period. (2) Should the price structure utilized by the parties become unworkable, detrimental or injurious to the State or result in prices which are not truly reflective of current market conditions and are deemed unreasonable or excessive by the Commissioner and no adjustment in price is mutually agreeable, the Commissioner reserves the sole right upon 10 days written notice mailed to the Contractor contractor to terminate the Contractany contract resulting from this bid opening. If the Contractor contractor is unable or unwilling to meet contractual requirements in whole or in part it shall immediately notify the State of such in order that the State may take appropriate action. Such notification shall be in writing and shall be addressed to the Office of General Services, NYSPro. (3) The federal government has determined that gasoline sold in certain counties: Bronx, Kings, Nassau, New York, Orange, Xxxxxx, Queens, Richmond, Rockland, Suffolk, Westchester [in the New York City Consolidated Metropolitan Statistical Area (CMSA)], and Dutchess County as an "opt-in," are subject to regulations mandating the use of OPRG(E) gasoline year round. Recognizing that pricing differentials occur on a regular basis, the State will incorporate the following methodology in the determination of the weekly price revision. EXAMPLE: METHODOLOGY FOR RBOB AND ETHANOL ADJUSTMENTS (OPRG(E) UNLEADED FUEL TYPES) Posted Date: May 6, 2013 RBOB x .90 + Ethanol x .10 = Blended Average (2.7820 x .90) + (2.7055 x .10) = Blended Average.

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 OPIS (OIL PRICE INFORMATION SERVICE (OPISSERVICE) under Weekly Published Newsletter as indicated in the heading In Cash Markets, weekly average Spot report under “N.Y. Harbor Spot Barge Weekly Average” and Ethanol Spot Market Prices (New York)chart below. The weekly average of the daily high and low prices shown in the publication for each of the three three-conventional unleaded gasoline fuel types, RBOB, PreRBOB and Ethanol will be used to compute price revisions during the contract period. NYSPro Page 2 – In Cash Markets Northeast Mid Unl Linden Weekly Average Page 2 – In Cash Markets Northeast Pre Unl Linden Weekly Average Page 2 – In Cash Markets Northeast RBOB NY Harbor Barge Weekly Average Page 2 – In Cash Markets Northeast Pre RBOB NY Harbor Barge Weekly Average Page 10 – Spot Market Prices Ethanol New York Please note: base prices were calculated using the following methods using the information from OPIS (OIL PRICE INFORMATION SERVICE) Weekly Published Newsletter (August 30, 2021 Vol. 42, No. 35): • Conventional gasoline base prices are the published Linden Weekly Averages. • OPRG (E) Gas Regular base price is calculated by taking 90% of the RBOB value and adding it to 10% of the ethanol value. • OPRG (E) Gas Mid Range base price is calculated by taking 90% of the average of RBOB and Pre RBOB and adding it to 10% of the ethanol value. • OPRG (E) Gas Premium base price is calculated by taking 90% of Pre RBOB value and adding it to 10% of the ethanol value. • E-85 base price is calculated by taking 15% of Conventional Gas Regular value and adding it to 85% of the ethanol value. Procurement Services will compute any price revisions by determining the difference between the weekly average of the daily high and low prices (base prices) published in the Cash Markets – Weekly Average Spot Report on May 6August 30, 2013 2021 and the weekly average of the daily high and low prices published on Monday every week during the contract period beginning with the publication on December 20, 2021 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 become unavailable or differ from current description and/or format, a posting determined by the Commissioner of the Office of General Services in his or his/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: (1) Price increases are limited to changes in pre-selected postings as noted above. Increases in Contract contract costs or prices to compensate for other increases in the cost of doing business, regardless of where such cost increases are attributable, will not be allowed during the Contract contract period. (2) Should the price structure utilized by the parties become unworkable, detrimental or injurious to the State or result in prices which are not truly reflective of current market conditions and are deemed unreasonable or excessive by the Commissioner and no adjustment in price is mutually agreeable, the Commissioner reserves the sole right upon 10 days written notice mailed to the Contractor to terminate the Contract. If the Contractor is unable or unwilling to meet contractual requirements in whole or in part it shall immediately notify the State of such in order that the State may take appropriate action. Such notification shall be in writing and shall be addressed to the Office of General Services, NYSPro. (3) The federal government EPA has determined that gasoline sold in certain counties: Bronx, Dutchess, Essex (portion of), Kings, Nassau, New York, Orange, Xxxxxx, Queens, Richmond, Rockland, Suffolk, and Westchester [in the New York City Consolidated Metropolitan Statistical Area (CMSA)], and Dutchess County as an "opt-in," are subject to regulations mandating the use of OPRG(E) gasoline year roundgasoline. Recognizing that pricing differentials occur on a regular basis, ; the State will incorporate the following methodology in the determination of the weekly price revision. EXAMPLE: METHODOLOGY FOR RBOB AND ETHANOL ADJUSTMENTS (OPRG(E) UNLEADED FUEL TYPES) Posted Date: May 6(hypothetical) August 10, 2013 RBOB 2015 1.7082 x .90 + Ethanol = 1.5373(8) 1.5620 x .10 = 0.1562(0) Blended Average 1.5373 + .1562 = 1.6935 Posted Date: (2.7820 Hypothetical) December 21, 2015 1. 7820 x .90.90 = 1.6038(0) 1.1063 x .10 = 0.1106(3) Blended Average 1.6038 + (2.7055 x .10) .1106 = Blended Average1.7144