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014�3-GR PAYMrrIT AD,T►1STMFN1P BITUPITNMIS r1ATERTAL. (4-74 r 0-- q)fll, <br />ARTtCt,F,' :�-". X (Ta!Ie �%�'). 'Plti.a ,,^.ttlrrr? irr�n i.F narrandFri a3 fn l.7orta: <br />The bid unit price£or bituminous Material will be adju.tted <br />to reflect charicles, both increase and decrease, in the Asphalt <br />Index price of bituminous material from that in effect during the <br />month in which bids were received for this contract. The Contractor <br />will not be given the option to reject this cost adjustment of. <br />Bituminous Materials. This adjustment will be made in accordance <br />with the following criteria: <br />(a) Price adjustments will apply only to the price of <br />bituminous material F.O.B. manufacturer's asphalt terminal <br />and will not reflect variations in the cost. of transportation <br />.from the terminal to the job site. <br />(b) Price adjustments will be made for all bituminous material <br />incorporated into asphalt pavement whether paid for under a <br />separate hid item such as Item No. 300-1 or under other <br />items which include the cost of bituminous material. <br />(c) Price adjustments will not be made until the semifinal <br />or final payment is made on the contract. The bid unit <br />price for Bituminous Material will be used in preparing <br />monthly progress payments. <br />(d) No <br />p ice adjustment reflecting any further increases in the <br />cost of bituminous material will be made for any month-a'fter <br />expiration.of the allowable contract time, including any <br />extensions that may be <br />Y granted. <br />(e) The adjusted unit price shall be calculated for the month <br />during which the material was incorporated into the project <br />in accordance with the following formula: <br />Pa = Pb + (Id - Ib) where: <br />Pa = Adjusted unit price for Bituminous Material. (To be <br />calculated <br />separately for each month during which <br />bituminous material is <br />used and will reflect an <br />increased or decreased price). <br />Pb Bid unit price for Bituminous Material. <br />.Id =*Asphalt Price Index during the month in which the <br />material is incorporated <br />into the project. <br />Ib Asphalt Price Index during the <br />month in which bids <br />were received for this contract. <br />(f) <br />The Department will determine the Asphalt Price Index <br />for each month. The Index <br />shall be determined by averaging <br />quotations -,in effect on the first day of the <br />month at <br />all terminals which could reasonably be expected to <br />furnish bituminous <br />material to projects in the State of <br />Florida. <br />(9) <br />A price adjustment will he mule only when the current <br />Asphalt Price Index vnr.ies 1,y i^, <br />or more from the Index <br />that was applicable when hids <br />were received or 5% or <br />more from when the last Previous adjustment <br />was made. <br />• <br />GR -7 3-25-74 <br />5 74 <br />- <br />i <br />OUCT 91974 <br />BOOK -2.1 i'AGE 45 <br />