CONTRACT PRICE ELEMENT ADJUSTMENT MEMORANDA Sample Clauses

CONTRACT PRICE ELEMENT ADJUSTMENT MEMORANDA. CONTRACT PRICE FIXED FEE WITH A GUARANTEED MAXIMUM PRICE (GMP) a. Direct Construction Cost $ b. General Conditions Cost – Fixed Fee $ $ Sub Total
Sample 1
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CONTRACT PRICE ELEMENT ADJUSTMENT MEMORANDA. CONTRACT PRICE FIXED FEE WITH A GUARANTEED MAXIMUM PRICE (GMP) FOR X.X. XXXXXXX PARK (Exhibit A) Direct Construction Cost $ 10,684,506.78 General Conditions Cost (includes Community Benefit Plan) $ 1,184,435.40 Construction Management Fee $ 1,541,150.00 Profit $ 880,550.00 Contingency $ 500,000.00 Direct Purchase Tax Savings $ ( 30,845.32 ) Preconstruction Services (Task V ) $ 87,002.40 TOTAL GMP (ALL INCLUSIVE) $ 14,846,799.26 The Project Manager shall have the right to issue certain Contract Price Element Adjustment Memoranda (Memoranda), which Memoranda shall address the reallocation of sums between the Contract Price Elements within the Contract Price. In no event shall the Contract Price be modified except by following an appropriate Change Order. The following specific Memoranda are contemplated, but additional or different Memoranda may be required and issued, provided they do not result in a change to the Contract Price, and provided that amounts shall only be transferred from Elements a through e above by prior mutual agreement of the CONTRACTOR and the CITY. At the Completion of the Work, a Memorandum will be issued in conjunction with a final Change Order to remove any remaining sums within the Cost of the Work and General Conditions and reduce the GMP in accordance with Articles 4.6. At the Completion of the Work, the CITY and the Construction Manager shall share 60%/ 40% in any cost savings. Cost savings are defined as the difference between the GMP (including authorized amendments) and the final invoice amount. The Construction Manager(s)’s 40% share in the cost savings shall be capped at a maximum of 1.5% of the total GMP (including authorized amendments). At the Final Completion of the Project, after calculation of any savings in accordance with Article 4.6, a Memorandum will be issued in conjunction with a Final Change Order to remove any remaining sums within the General Conditions and reduce the GMP accordingly.
Sample 1
CONTRACT PRICE ELEMENT ADJUSTMENT MEMORANDA. CONTRACT PRICE FIXED FEE WITH A GUARANTEED MAXIMUM PRICE (GMP) FOR _(insert project name) (Exhibit A) a) Direct Construction Cost $
Sample 1

Related to CONTRACT PRICE ELEMENT ADJUSTMENT MEMORANDA

  • Contract Price Adjustment The basis upon which the Contract Price shall be adjusted is as set out in paragraph 9.2 of Schedule IVB.

  • C1 Contract Price C1.1 In consideration of the Contractor’s performance of its obligations under the Contract, the Authority shall pay the Contract Price in accordance with clause C2 (Payment and VAT).

  • Unit Price Work Work to be paid for on the basis of unit prices as defined and described in the Contract Documents. A percentage markup for overhead or profit shall be included in all unit prices.

  • CONTRACT PRICE/PRICE LIMITATION/ PAYMENT 5.1 The contract price, method of payment, and terms of payment are identified and more particularly described in EXHIBIT C which is incorporated herein by reference.

  • Contract Price 5.01 Owner shall pay Contractor for completion of the Work in accordance with the Contract Documents the amounts that follow, subject to adjustment under the Contract:

  • ECONOMIC PRICE ADJUSTMENT is the adjustment to the Aircraft Basic Price (Base Airframe, Engine and Special Features) as calculated pursuant to Exhibit D.

  • PRICE ESCALATION/DE-ESCALATION (CPI) The County may allow a price escalation provision within this award. The original contract prices shall be firm for an initial one (1) year period. A price escalation/de-escalation will be considered at one (1) year intervals thereafter, provided the Contractor notifies the County, in writing, of the pending price escalation/de-escalation a minimum of sixty (60) days prior to the effective date. Price adjustments shall be based on the latest version of the Consumers Price Index (CPI-U) for All Urban Consumers, All Items, U.S. City Average, non-seasonal, as published by the U.S. Department of Labor, Bureau of Labor Statistics. This information is available at xxx.xxx.xxx. Price adjustment shall be calculated by applying the simple percentage model to the CPI data. This method is defined as subtracting the base period index value (at the time of initial award) from the index value at time of calculation (latest version of the CPI published as of the date of request for price adjustment), divided by the base period index value to identify percentage of change, then multiplying the percentage of change by 100 to identify the percentage change. Formula is as follows: Current Index – Base Index / Base Index = % of Change % of Change x 100 = Percentage Change CPI-U Calculation Example: CPI for current period 232.945 Less CPI for base period 229.815 Equals index point change 3.130 Divided by base period CPI 229.815 Equals 0.0136 Result multiplied by 100 0.0136 x 100 Equals percent change 1.4% A price increase may be requested only at each time interval specified above, using the methodology outlined in this section. To request a price increase, Contractor shall submit a letter stating the percentage amount of the requested increase and adjusted price to the Orange County Procurement Division. The letter shall include the complete calculation utilizing the formula above, and a copy of the CPI-U index table used in the calculation. The maximum allowable increase shall not exceed 4%, unless authorized by the Manager, Procurement Division. All price adjustments must be accepted by the Manager, Procurement Division and shall be memorialized by written amendment to this contract. No retroactive contract price adjustments will be allowed. Should the CPI-U for All Urban Consumers, All Items, U.S City Average, as published by the U.S. Department of Labor, Bureau of Labor Statistics decrease during the term of the contract, or any renewals, the Contractor shall notify the Orange County Procurement Division of price decreases in the method outlined above. If approved, the price adjustment shall become effective on the contract renewal date. If the Contractor fails to pass the decrease on to the County, the County reserves the right to place the Contractor in default, cancel the award, and remove the Contractor from the County Vendor List for a period of time deemed suitable by the County. In the event of this occurrence, the County further reserves the right to utilize any options as stated herein.

  • Contract Term Adjustment “Contract Term Adjustment” means adjustment only as provided for in the three circumstances described in this Subsection. Under these circumstances, the contract term shall be adjusted in writing to include additional calendar days in one or more Normal Operating Seasons equal to the actual time lost, except as limited by paragraph (b) in this Subsection. To qualify for such adjustment, Purchaser shall give written notice of the lost time not later than 30 days after end of Normal Operating Season in which time was lost and at least 10 days before Termination Date. Contracting Officer shall make prompt written acknowledgment of such notice, indicating concurrence with the number of days in the notice or the number of days Forest Service considers as qualifying for the adjustment. Lost portions of days shall be disregarded in computing time lost. The three circumstances qualifying for a Contract Term Adjustment are:

  • PAYMENT AND CONTRACT PRICE C1 Contract Price C2 Payment and VAT C3 Recovery of Sums Due C4 Contract Price During Extension of the Initial Contract Period C5 Euro

  • PRICING for Markup of Non-Prepriced Items in RS Means Unit Price Book What is your proposed Markup Percentage on materials not found in the RS Means Price Book? If any materials being utilized for a project cannot be found in the RS Means Price Book, this question is what is the markup percentage on those materials? When answering this question please insert the number that represents your percentage of proposed markup. Example: if you are proposing a 30 percent markup, please insert the number "30". Remember that this is a ceiling markup. You may markup a lesser percentage to the TIPS Member customer when pricing the project, but not a greater percentage. EXAMPLE: You need special materials that are not in the RS Means Unit Price Book for a project. You would buy the materials and mark them up to the TIPS Member customer by the percentage you propose in this question. If the materials cost you, the contractor, $100 and you proposed a markup on this question for the material of 30 percent, then you would charge the TIPS Member customer $130 for the materials.

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