Price Escalation Clause. Buyer and Seller acknowledge COVID 19 and other market conditions have caused dramatic material and labor shortages. Consequently, material and labor suppliers have at times substantially increased prices. Therefore, Buyer and Seller agree that if Seller experiences a $2,000 or more increase in the costs of material or labor to be used in the construction of Property, Seller may request an increase in the purchase price of Property. Buyer shall have the right to refuse the increase, and Seller shall cancel Agreement if ▇▇▇▇▇ refuses the increase subject to the terms of paragraph 4 (E) (C). ▇▇▇▇▇ agrees to accept or reject the price increase within five (5) calendar days of notification to Buyer or ▇▇▇▇▇'s agent. If Buyer does not agree to accept price increase or fails to respond by the end of the notification period, Seller shall cancel Agreement, and as mentioned elsewhere Construction Deposits are non-refundable if Agreement is cancelled. Seller shall have the right to ask for a price increase at any and all times that increases are greater than $2,000 in the costs of material or labor.
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Sources: Purchase and Sale Agreement, Purchase and Sale Agreement
Price Escalation Clause. Buyer and Seller acknowledge COVID 19 and other market conditions have caused dramatic material and labor shortages. Consequently, material and labor suppliers have at times substantially increased prices. Therefore, Buyer and Seller agree that if Seller experiences a $2,000 or more increase in the costs of material or labor to be used in the construction of Property, Seller may request an increase in the purchase price of Property. Buyer shall have the right to refuse the increase, and Seller shall cancel Agreement if ▇▇▇▇▇ Buyer refuses the increase subject to the terms of paragraph 4 (E) (C). ▇▇▇▇▇ Buyer agrees to accept or reject the price increase within five (5) calendar days of notification to Buyer or ▇▇▇▇▇Buyer's agent. If Buyer does not agree to accept price increase or fails to respond by the end of the notification period, Seller shall cancel Agreement, and as mentioned elsewhere Construction Deposits are non-refundable if Agreement is cancelled. Seller shall have the right to ask for a price increase at any and all times that increases are greater than $2,000 in the costs of material or labor.
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