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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 8. HIGHER EDUCATION |
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SubTilte 8-B. UNIVERSITY OF THE DISTRICT OF COLUMBIA |
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Chapter 8-B30. UNIVERSITY PROCUREMENT RULES |
Section 8-B3022. FIXED-PRICE CONTRACTS
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3022.1Fixed-price contracts may provide for a firm price or, in appropriate circumstances, an adjustable price.
3022.2The CCO shall use a fixed-price contract with economic price adjustment when it is necessary to protect the University and the contractor when fluctuations in labor and material costs may occur during contractor performance for reasons beyond the control of the contractor.
3022.3A 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. All fixed price contracts with economic price adjustments shall include a ceiling price.
3022.4An 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.