Common use of Valuation of Variations Clause in Contracts

Valuation of Variations. All variations referred to above and any additions to the Contract Price which are required to be determined accordingly, shall be valued at the rates and prices set out in the Contract if, in the opinion of LOST, the same shall be applicable. If the Contract does not contain any rates or prices applicable to the varied work, the rates and prices in the Contract shall be used as the basis for valuation so far as may be reasonable, in agreement between LOST and the Contractor. In the event of disagreement LOST shall fix such rates or prices as are, in its opinion, appropriate and shall notify the Contractor accordingly. Until such time as rates or prices are agreed or fixed, LOST shall determine provisional rates or prices to enable on-account payments.