Common use of Economic Price Adjustment Clause in Contracts

Economic Price Adjustment. The Adjustment Factors may be updated on each anniversary of the award date to account for changes in construction costs, provided, the Contractor requests in writing, thirty days prior to the anniversary of the award date, that the Adjustment Factors be updated. Such request shall be delivered to the County and to Gordian. In the event the Contractor fails to deliver the request timely, then the County shall determine the date on which the Adjustment Factors will be updated, but in no event will such date be later than thirty days after the written request to update the Adjustment Factors is received by the County. Thereafter, the Contractor’s Adjustment Factors will be adjusted according to the following:

Economic Price Adjustment. The Adjustment Factors may be updated on each annually after the first anniversary of the award effective date of the Agreement to account for changes in construction costs, provided, the Contractor requests in writing, thirty (30) days prior to the anniversary of the award dateAgreement, that the Adjustment Factors be updated. Such request shall be delivered to the County and to GordianCounty. In the event the Contractor fails to deliver the request timely, then the County shall will determine the date on which the Adjustment Factors will be updated, but in no event will such date be later than thirty days after the written request to update the Adjustment Factors is received by the County. Thereafter, the Contractor’s Adjustment Factors will be adjusted according to the following: