DFARS 252.216-7000 Economic Price Adjustment--Basic Steel, Aluminum, Brass, Bronze, or Copper Mill Products
Prescribed in 216.203-4-70(a)(1) | ||
Effective Date: | 1 March 2012 | |
Clause or Provision: | Clause | |
Provision or Clause Number: | S 252.216-7000 Economic Price Adjustment--Basic Steel, Aluminum, Brass, Bronze, or Copper Mill Products | |
Principle Type And/Or Purpose of Contract: | ||
Required: | ||
Applicable: | ||
Optional: | ||
Subject: | ||
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Contract Threshold: | ||
Prescription Overview: |
Prescription(a) Price adjustment for basic steel, aluminum, brass, bronze, or copper mill products.
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Clause Overview: |
ClauseECONOMIC PRICE ADJUSTMENT--BASIC STEEL, ALUMINUM, BRASS, BRONZE, OR COPPER MILL PRODUCTS (MAR 2012)(a) Definitions As used in this clause¾
“Established price” means a price which is an established catalog or market price for a commercial item sold in substantial quantities to the general public.
“Unit price” excludes any part of the price which reflects requirements for preservation, packaging, and packing beyond standard commercial practice.
(b) As represented by the Contractor in its offer, the unit price stated for ____________________(Identify the item) is not in excess of the Contractor's established price in effect on the date set for opening of bids (or the contract date if this is a negotiated contract) for like quantities of the same item. This price is the net price after applying any applicable standard trade discounts offered by the Contractor from its catalog, list, or schedule price.
(c) The Contractor shall promptly notify the Contracting Officer of the amount and effective date of each decrease in any established price.
(d) If the Contractor's established price is increased after the date set for opening of bids (or the contract date if this is a negotiated contract), upon the Contractor's written request to the Contracting Officer, the corresponding contract unit price shall be increased by the same percentage that the established price is increased, and this contract shall be modified accordingly, provided—
(e) Within 30 days after receipt of the Contractor's written request, the Contracting Officer may cancel, without liability to either party, any portion of the contract affected by the requested increase and not delivered at the time of such cancellation, except as follows—
(f) Pending any cancellation of this contract under paragraph (e) of this clause, or if there is no cancellation, the Contractor shall continue deliveries according to the delivery schedule of the contract. The Contractor shall be paid for those deliveries at the contract unit price increased to the extent provided by paragraph (d) of this clause. | |
Important Notes/Requirements: | ||
Subcontract Threshold: | ||
Incorporated by Reference: | Yes | |
Uniform Contract Format: | ||
Editor: | Marshall |
Personal notes.