(1) Unless otherwise provided
in procurement contract, if price needs to be adjusted in the course of
implementation of a procurement contract having duration exceeding fifteen
months the competent authority may adjust price.
Provided that where a procurement contract has been concluded to
procure a public construction work following the invitation of national level
bidding and the price of any construction materials is increased or decreased
unexpectedly by more than ten percent of the previous price, price shall be
adjusted as prescribed by deducting ten percent in the amount so increased or
decreased.
(2) Notwithstanding anything contained in Sub-section (1), price
adjustment cannot be made where the work under the contract is not completed
within the period prescribed in such contract and has taken more time due to the
delay by the person who has obtained procurement contract or if procurement
contract is concluded on the basis of lump sum contract or fixed budget.