NSITE DOCUMENT
Force Majeure and Pricing Language FINAL 10.25.21.docx
- Library: Purchissues
- Year Created: 2023
- File Type: DOCX
The document outlines the price structure, price review process, other contract requirements, and force majeure provisions for contracts between LRWRA and vendors. It specifies that vendors must notify LRWRA if they cannot meet contractual requirements due to pricing issues, and LRWRA may consider adjustments. LRWRA can review and approve/disapprove vendor price increase requests based on market evidence. Price changes must remain firm for at least 6 months if approved. Non-price related contract accommodations must be rigorously justified and approved by LRWRA. Force majeure events are defined, and procedures for handling delays due to such events are detailed. LRWRA may terminate contracts if delays significantly impair contract value. LRWRA can make equitable adjustments in contract terms/pricing due to extreme market volatility. Vendors are not entitled to adjustments caused by them or their subcontractors.