CVS Sample Clauses

The CVS clause, short for 'Change of Value Schedule,' establishes a mechanism for adjusting the contract price or payment terms in response to specific changes in the scope of work, materials, or other contract variables. In practice, this clause outlines the process for submitting, reviewing, and approving changes that affect the contract's value, often requiring documentation and agreement from both parties before adjustments are made. Its core function is to ensure that any modifications impacting cost are managed transparently and fairly, thereby preventing disputes and maintaining financial clarity throughout the contract's duration.