Basis and dates of revision Sample Clauses

Basis and dates of revision. Where clause 5.6.1 applies the basis on which the Schedule of Rates is to be revised under clause 5.6.1.2 is as follows: The rates stated in the Schedule of Rates are adjusted on each annual anniversary of the commencement of the Contract. Any adjustment to the rates stated in the Schedule of Rates, for subsequent calendar years shall be as a maximum an adjustment calculated by application of the movement in the Consumer Prices Index (CPI). The movement to be applied to the Schedule of Rates shall be calculated on the basis of the annual increase/decrease in the CPI published in the April immediately preceding each anniversary date of the Contract. The Contractor undertakes to seek efficiency savings to keep the price adjustment below the rate of CPI. Any increase/decrease to the Schedule of Rates will only be applied to the value of Works completed subsequent to the Anniversary Date of the Contract.
Sample 1
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Related to Basis and dates of revision

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