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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 19. AMUSEMENTS, PARKS, AND RECREATION |
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Chapter 19-43. DISTRICT OF COLUMBIA PUBLIC LIBRARY: PROCUREMENT |
Section 19-4325. FIXED-PRICE CONTRACTS WITH ECONOMIC PRICE ADJUSTMENTS
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4325.1The CCO shall use a fixed-price contract with economic price adjustment when it is necessary to protect the Library and the contractor when fluctuations in labor and material costs may occur during contractor performance.
4325.2A fixed-price contract with economic price adjustment shall provide for an upward or downward revision of the contract price based on certain contingencies that are specifically stated in the contract.
4325.3An economic price adjustment may be one (1) of the following general types:
(a)Adjustment based on increases or decreases in specified costs of labor or material that the contactor actually experiences during contract performance; or
(b)Adjustment based on increases or decreases in labor or material cost standards or indexes that are specifically identified in the contract.
4325.4The CCO may use a fixed-price contract with economic price adjustment when the following factors are applicable:
(a)Stability of market or labor conditions are anticipated during contract performance; and
(b)Contingencies that would otherwise be included in the contract price can be identified and covered separately in the contract.
4325.5Price adjustments based on labor and material costs shall be limited to contingencies beyond the contractor's control and approved by the CCO.
4325.6The CCO shall ensure that contingency allowances are not duplicated by inclusion in both the base price and the adjustment requested by the contractor under the economic price adjustment clause.