Reasonable Prices Sample Clauses
The "Reasonable Prices" clause establishes that the prices charged under an agreement must be fair and consistent with prevailing market rates or industry standards. In practice, this clause may require parties to periodically review pricing, compare with similar goods or services, or adjust charges if they become excessive or uncompetitive. Its core function is to protect parties from overpaying or being subjected to unfair pricing, thereby ensuring equitable transactions and reducing the risk of disputes over cost.
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Reasonable Prices. 1. Price charged for all items offered for sale on the Premises shall be fair and reasonable. “Reasonable prices” for retail items sold by Company on the Premises shall be defined as prices comparable to the prices charged for comparable items sold at facilities of comparable quality in the Orlando area.
2. In addition to the requirements of Appendix 1.G.1. above, where a retail sales price is printed on any item, the price charged by Company for said items shall not exceed the printed price.
3. Company’s initial schedule of menu items is set forth in Exhibit “B”. The initial price of merchandise may not be greater than the prices that Company submitted as part of its proposal to the Aviation Authority.
4. Notwithstanding any other provision hereof, if the Chief Executive Officer makes a preliminary determination that any particular price or charge of Company on the Premises is excessive in relation to prices or charges for comparable items at the comparable facilities mentioned above, the Chief Executive Officer may notify Company in writing that it must reduce such price or charge, and Company shall have ten (10) days from the date of receipt of such notice to implement an appropriate reduction in accordance with such notice. Such price or charge may thereafter be reinstated with the Chief Executive Officer’s written approval if Company is able to produce evidence demonstrating to the Chief Executive Officer that such price or charge is reasonable in relation to prices and charges for comparable items in such relevant facilities mentioned above. In the event the Chief Executive Officer declines to approve the reinstatement of such price or charge, Company may appeal the Chief Executive Officer’s decision to the Aviation Authority’s Concession/Procurement Committee, by written notice served upon the Aviation Authority within the three (3) business days following action by the Chief Executive Officer. In the event of such an appeal, the Concession/Procurement Committee shall evaluate the evidence presented and make a determination, subject to appeal to the Aviation Authority’s governing board by written notice served upon the Aviation Authority within three (3) days after such determination by the Concession/Procurement Committee. The decision of the Aviation Authority’s governing board shall be final and may be reviewed by certiorari by the Circuit Court for Orange County, Florida. In no event shall Aviation Authority, its Chief Executive Officer, or any ...