Reso 2020-3136 - Laserfiche WebLink

Home Browse Search

SOURCEWELL Boots 2 — IQCC Standard Terms and Conditions and Contract General Conditions the award date to account for changes in construction costs. If Sourcewell fails to issue the Economic Price Adjustment by the anniversary date, it is the Contractor's responsibility to request the Economic Price Adjustment. Thereafter, the Contractor's Adjustment Factors will be adjusted according to the following: 7.1.1 The Contractor's Adjustment Factors will be adjusted according to the following: 7.1.1.1 A Base Year Index shall be calculated by averaging the 12 month Construction Cost Indices (CCI) for the average of the twenty cities published in the Engineering News Record (ENR) for the 12 months Immediately prior to the month of the Solicitation (e.g. April Solicitation, Base Year Index is April of the prior year to March of the Solicitation year). 7.1.1.2 A Current Year index shall be calculated by averaging the 12 month Construction Cost Indices (CCI) for the average of the twenty cities published in the Engineering News Record (ENR) for the 12 months beginning with the month of anniversary of the Solicitation (e.g. April Solicitation, Current Year Index is April of the prior year to March of the current year). 7.1.1.3 The Economic Price Adjustment shall be calculated by dividing the Current Year Index by the Base Year Index. 7.1.1.4 The Contractor's original Adjustment Factors shall be multiplied by the Economic Price Adjustment to obtain the Contractor's new Adjustment Factors effective for the next 12 months. 7.1.1.5 Averages shall be obtained by summing the 12 month indices and dividing by 12. 7.1.1.6 All calculations In this article shall be carried to the fifth decimal place and rounded to the fourth decimal place. The following rules shall be used for rounding: 7.1.1.7 The fourth decimal place shall be rounded up when the fifth decimal place is five (5) or greater. 7.1,1.8 The fourth decimal place shall remain unchanged when the fifth decimal place is less than five (5). 7.1.2 ENR occasionally revises indices. ENR CCIs used in the calculations described above shall be those currently published at the time the Economic Price Adjustment calculation is performed. No retroactive adjustments will be made as a result of an ENR revision. Revised CCi indices, if any, shall be used in subsequent calculations. 7.2 Under all circumstances, should the Contractor submit a Proposal Package with inaccurate Adjustment Factors, the act of submission by the Contractor is a waiver of all rights to any further compensation above the Purchase Order Price submitted in the Proposal Package, Section T)xo — Contract general Condition:, h-larch 2019