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ADJUSTMENTS TO RATES <br /> Price adjustments will be made on an annual basis after the first 12 -month term based on the <br /> consumer price index (CPI) . Unit prices shall be adjusted upward or downward annually to reflect <br /> changes in the CPI for all urban consumers for the South. Should the CPI be discontinued or <br /> substantially modified, an alternate index shall be chosen by mutual agreement of the Contractor and <br /> the County. Beginning on June 1 , 2006 and on each Junel thereafter, the unit contract prices shall be <br /> adjusted to reflect the increase or decrease in the CPI for the immediately preceding twelve ( 12) <br /> month period of June to June . The Contractor shall notify the County in writing of increases that are <br /> based on the CPI, as provided in this section, no less than thirty (30) days prior to their <br /> a implementation. <br /> PAYMENT PROCEDURES <br /> Progress Payments : OWNER shall make progress payments on account of the Contract Price on the <br /> basis of CONTRACTOR' s Applications for Payment at intervals not less than once each month during <br /> performance of the Work as provided below. <br /> 1 . Ninety percent (90%) of Work completed (with the balance being retainage) ; and <br /> 2 . Eighty percent ( 80%) of cost of materials and equipment not incorporated in the Work <br /> but stored on the Project site (with the balance being retainage) . <br /> i <br /> Final Payment: Upon final completion and acceptance of the Work, OWNER shall pay the remainder <br /> of the Contract Price including any retainage as recommended by County Contract Administrator. <br /> ADMINISTRATION <br /> The County shall appoint a contract administrator for this contract with the authority to issue Notices to <br /> Proceed for Federal Public Assistance categories of work. All Notices to Proceed shall include a <br /> complete. and comprehensive Scope of Work. The Contractor shall not initiate work if there is not a <br /> Scope of Work provided with the Notice to Proceed. <br /> I <br /> AVAILABILITY OF FUNDS <br /> This Contract is for goods and services related to disaster response and recovery operations . Activation <br /> of this Contract will occur in anticipation of Federal and State Public Assistance funding. <br /> I <br /> Page 13 of 30 <br /> FAPublic Works\Capital Projects\Hurricane Contracts\Hurricane Debris Removal Bid Document - Final . doc <br />