Maintaining Contract Price Adjustment Indexes

Prices fluctuate greatly for some work items, such as fuel or items that contain oil. Price adjustment indexes are maintained to track changes in prices for specific work items. Price adjustment indexes also establish parameters for adjusting payment amounts when price changes exceed a certain value or percentage.

The Contract Price Adjustment Index Overview contains a list of all the price indexes currently associated with the contract. To access this component, select Contract Price Adjustment Index from the row Actions menu on the Contract Progress Overview or the component Actions menu on the Contract Progress Summary.

Note: To associate a price adjustment index with a contract, the contract must include a Contract Time record whose ID matches the value in the Contract Time for Price Adjustment Base Date agency option. The default value is PRICEADJBASE-DT.

Each row in the list displays an Actions button and the current value for the Price Index Type field. To change the value in this field for a price adjustment index, click anywhere in the index row. The system highlights the row and displays the labeled field. Click the down arrow in the field and choose a new value.

To remove a price index from the contract, select Delete from the Actions menu on the index row. To reverse the delete action, click the Undo button.

To add a new price index to the contract, click the New button. The system adds a new blank row at the bottom of the list. Select a value in the Price Index Type field.

Note: You cannot add the same reference price index to a contract more than once.

When you are finished making changes to price adjustment indexes for the contract, click the Save button to apply your changes to the system (including deleted information). The system displays a message to confirm that your changes were saved in the database.