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<br />Conditions, and General Requirements; and <br /> <br />1. <br /> <br />Supplier shall provide materials for the duration of the current agreement fiscal <br />year period. The agreement cycle shall run from July 1st through June 30th of <br />the following calendar year. <br /> <br />Material Availability: <br />1. City and Supplier recognize that time is of the essence during this Agreement <br />and that City will suffer financial loss in the form of lost revenues, contract <br />administration expenses (including project management and consultants' <br />expenses), delay and loss of public use, if the Materials are not available. <br /> <br />B. <br /> <br />2. <br /> <br />Accordingly, City and Supplier agree that if Supplier cannot provide <br />materials, Supplier shall assist City in locating alternate material sources. <br /> <br />c. <br /> <br />Contract Period and Asphalt Price Adjustments <br /> <br />This contract will cover three (3) consecutive years. The compensation for <br />unit prices shall be based on the following formula allowing for asphalt price <br />adjustment as set forth below. <br /> <br />1. <br /> <br />Asphalt concrete materials pricing: <br />The bid will be awarded based on the unit prices for the estimated bid <br />quantities. The unit price may fluctuate based on a monthly comparison of <br />the California Statewide Paving Asphalt Price Index (Index). The Index in <br />place the date the contract is awarded shall become the Base Index. A <br />current Index is established on the first day of each month. On the fifth (5th) <br />day of each month, the unit price payable for asphalt concrete will be <br />increased or decreased in conformance with the provisions of this section <br />for paving asphalt price fluctuations exceeding ten (10%) percent (Iullb is <br />greater than 1.10 or less than .90) which occur during the length of this <br />agreement. <br /> <br />2. <br /> <br />The adjustment in price for the asphalt concrete materials will be <br />determined in conformance with the following formulae - the <br />formulae will be appropriately adjusted for English tons from the <br />Metric ton formula constant (1.1023) for the asphalt concrete <br />materials purchased during the month: <br /> <br />A. <br />B. <br /> <br />Total monthly adjustment = AQ <br />For an increase in paving asphalt price index exceeding ten <br />(10%) percent: <br />A = 0.90 (1.1023) lullb -1.10) Ib <br />For a decrease in asphalt paving price index exceeding ten <br />(10%) percent: <br />A = 0.90 (1.1023) lu/lb - .90) Ib <br />Where: <br />A = Adjustment in price per metric ton of paving asphalt used <br />to produce asphalt concrete rounded to the nearest $0.01. <br />lu = The California Statewide Paving Asphalt Price Index <br />which is in effect on the first business day of the month in <br /> <br />C. <br /> <br />D. <br /> <br />Asphalt Materials Agreement <br /> <br />Page 2 of 6 <br /> <br />,,' -. "-""""""."'---"""'--'---- ------_._..__m <br />