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<br />ARTICLE 17 ENGINEERING NEWS RECORDS CONSTRUCTION COST INDICES ADJUSTMENT OF THE <br />ADJUSTMENT FACTORS <br />17.1 Economic Price Adjustment: The Adjustment Factors may be updated on each anniversary of the <br />Contract date to account for changes in construction costs, provided the Contractor requests in <br />writing approximately thirty (30) days prior to the anniversary of the Contract date, that the <br />Adjustment Factors be updated. Such request shall be delivered to the City and to the <br />Consultant/Gordian. In the event the Contractor fails to deliver the request timely, then the City <br />will determine the date on which the Adjustment Factors will be updated, but in no event will such <br />date be later than thirty (30) days after the written request is received by the City. Thereafter, the <br />Contractor’s Adjustment Factors will be adjusted according to the following: <br />17.2 The Contractor’s Normal Working Hours and Other than Normal Working Hours Adjustment <br />Factors will be adjusted according to the following: <br />17.2.1 A Base Year Index will be calculated by averaging the 12-month Construction Cost Indices <br />(CCI) for the average of the twenty (20) cities published in the Engineering News Record <br />(ENR) for the twelve (12) months immediately prior to the month of the bid due date (e.g. <br />April bid date, Base Year Index is April of the prior year to March of the bid date year). <br />17.2.2 A Current Year Index will be calculated by averaging the 12-month Construction Cost Indices <br />(CCI) for the average of the twenty (20) cities published in the Engineering News Record <br />(ENR) for the twelve (12) months beginning with the month of anniversary of the bid due <br />date (e.g. April bid date, Current Year Index is April of the prior year to March of the current <br />year). <br />17.2.3 The Economic Price Adjustment will be calculated by dividing the Current Year Index by the <br />Base Year Index. <br />17.2.4 The Contractor’s original Adjustment Factors will be multiplied by the Economic Price <br />Adjustment to obtain the Contractor’s new Adjustment Factors effective for the next twelve <br />(12) months. <br />17.2.5 Averages shall be obtained by summing the 12-month indices and dividing by twelve (12). <br />17.3 All calculations in this article will be carried to the fifth decimal place and rounded to the <br />fourth decimal place. The following rules shall be used for rounding: <br />17.3.1 The fourth decimal place shall be rounded up when the fifth decimal place is five (5) or <br />greater. <br />17.3.2 The fourth decimal place shall remain unchanged when the fifth decimal place is less than <br />five (5). <br />17.4 Engineering News Record occasionally revises indices. Engineering News Record Construction <br />Cost Indices used in the calculations described above will be those currently published at the <br />time the Economic Price Adjustment calculation is performed. No retroactive adjustments will be <br />made as a result of an Engineering News Record revision. Revised Construction Cost Indices, if <br />any, will be used in subsequent calculations.