§ 5-22-20-2 — Adjustments in price; computation

Indiana § 5-22-20-2

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 22: PUBLIC PURCHASING
• Ch. 20: Modification and Termination of Contracts

Text

Adjustments in price under clauses established
under section 1 of this chapter must be computed in one (1) or more of
the following ways:
(1) By agreement on a fixed price adjustment before the
beginning of the pertinent performance or as soon after the
beginning of the performance as practicable.
(2) By unit prices specified in the contract or subsequently agreed
upon.
(3) By the costs attributable to the events or situations under such
clauses with adjustment of profit or fee, all as specified in the
contract or subsequently agreed upon.
(4) In such other manner as the contracting parties may mutually
agree.
(5) In the absence of agreements by the parties, by a unilateral
determination by the governmental body of the costs attributable
to the events or situations under such clauses, with adjustment of
profit or fee, all as computed by the governmental body in
accordance with applicable rules adopted by the governmental
body.

Legislative History

As added by P.L.49-1997, SEC.1.