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  • Question

    Can you modify a construction contract to allow for an economic price adjustment if changes in economy were unforseen and the clause was not in the original contract. If it is firm-fixed price should we even consider adjusting price.


    Answer

    You can modify the contract to include a clause that was not included in the orginal contract.  To do this, you would need to do this as a bi lateral modification.  Keep in mind if you were to add this clause, you will need the financing that will go with this.

    As to you your second question, I cannot make a deterimination.  It is perfeclty in your right to not consider this.  The contract was signed without the clause.  The contractor took the risk  knowing well that the performance of the contract would be delayed 6 months. 

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