DOCUMENT

POL - Price Adjustments

  • ENTITY TYPE: City/Township
  • TYPE OF DOCUMENT: POL - Policies/Procedures
This document provides information about price adjustments for a contract. It states that price adjustments may be authorized based on the Producer Price Index (PPI) for Metals and Metal Products, Iron and Steel. The methodology for calculating price adjustments is explained, which involves dividing the index value at the time of calculation by the index value of the base period and multiplying it by the base price. The document also mentions that contractors can request price increases after twelve months from the date of award, and subsequent increases can be requested twelve months from the previous approval. The process for requesting a price increase is outlined, including the required information to be included in the request letter. The City Purchasing Agent will review the request and either grant or deny it within fifteen working days. If the request is denied, the contractor has the option to terminate the agreement with a sixty-day advance written notice. The document also mentions that if the City Purchasing Agent finds a lower price for the same item from a different source, they may purchase it without any obligation to the contractor. Additionally, the document states that contractors can submit price decreases at any time during the agreement, and the decrease becomes effective upon the City Purchasing Agent's receipt of the notice.
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