(1) The fact that the price can be adjusted by the public body should be mentioned in the purchase contract.
(2) When arranging for price adjustment in the purchase agreement, the following things should also be mentioned:-
(a) Conditions for price adjustment, (b) Formula for determining, while determining the formula according to this section, the formula should be determined in such a way that only the price of the labor, materials and equipment used in the completed work is adjusted.
(c) Maximum amount of price adjustment,
(d) Structure of the price to be used in the formula as per clause (b) (cost of labor, equipment, material, fuel, etc.),
(e) Related price lists (indices) used to adjust the price of each price structure
(f) the method of measuring the difference in the rate of exchange between the currency used to quote the price list and the currency used on the date of payment,
(g) the base date to be taken to apply the price adjustment formula (baseline date),
(h) the time interval during which the price adjustment formula is applicable, and
(i) The minimum price increase to be seen from the use of the price adjustment formula and other conditions and restrictions that must be fulfilled for the provisions related to price adjustment to be implemented.
(3) The maximum amount of price adjustment to be made according to this rule shall not normally exceed twenty five percent of the initial contract price. If the amount of the price adjustment is more than that price, the public body may terminate the purchase agreement, negotiate with builders, suppliers, service providers or consultants to bring the contract price within the approved budget, or adopt other measures to reduce costs, or arrange for an additional budget to be provided in the purchase agreement. will end