Examples of Contract Year 3 in a sentence
The Contractor must submit the CPI-adjusted rates in the form and manner specified by OGS no later than 30 days prior to the start of Contract Year 3 and 5.
Prior to the start of Contract Year 3 and Contract Year 5, the MSP will calculate the CPI adjustment and transmit to the Contractor.
At the start of Contract Year 3 and Contract Year 5, the Contractor’s Hourly Wage Rates in Appendix D will be subject to an increase equal to the percentage increase, not to exceed 3%, in the Consumer Price Index (CPI) for all urban consumers (CPI-U) as published 90 days prior to the anniversary date for the preceding 24 month period by the U.S. Department of Labor, Bureau of Xxxxx Xxxxxxxxxx, Xxxxxxxxxx X.X. 00000.
Also, the annual credit is not added to the Protected Payment Base and Remaining Protected Balance at the beginning of Contract Year 3.
Because at the Beginning of Contract Year 3, the Protected Payment Base was less than the Contract Value on that Contract Anniversary (see balances at Beginning of Contract Year 3 — Prior to Automatic Reset), an automatic reset occurred which resets the Protected Payment Base and Remaining Protected Balance to an amount equal to 100% of the Contract Value (see balances at Beginning of Contract Year 3 — After Automatic Reset).