No Established Rate Sample Clauses
The "No Established Rate" clause defines how pricing or compensation will be determined when there is no pre-existing or standard rate for a particular good or service. In practice, this clause typically applies when parties are contracting for unique, custom, or infrequently traded items where market rates are unavailable or unreliable. It often sets out a method for negotiating or calculating a fair price, such as referencing comparable transactions or using cost-plus formulas. The core function of this clause is to provide a clear mechanism for determining payment terms in situations where standard rates do not exist, thereby reducing uncertainty and potential disputes over pricing.
No Established Rate. Add the following after the first sentence: “Upon request, the Contractor shall provide the Engineer with the documentation that was submitted to and used by the Blue Book to establish rates.”
No Established Rate. Delete the first sentence and replace with the following: “If rates are not established in the Blue Book for a particular piece of equipment, rates from an equivalent piece of equipment with the same or similar specifications shall be used. If there is no similar category of equipment in the published Blue Book for the establishment of rates, the Contractor shall contact the Blue Book publisher to establish rates, and shall provide the Engineer for review and approval, the documentation submitted to and used by the Blue Book to establish the rates.”
No Established Rate. Delete the first sentence and replace with the following: “If rates are not established in the Cost Recovery for a particular piece of equipment, rates from an equivalent piece of equipment with the same or similar specifications shall be used. If there is no similar category of equipment in the published Cost Recovery for the establishment of rates, the Contractor shall contact the Cost Recovery publisher to establish rates, and shall provide the Engineer for review and approval, the documentation submitted to and used by the Cost Recovery to establish the rates.”