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Economical PRICE ADJUSTMENT (EPA) Garry Murphy Division Director Core Construction Amy Offer Project Manager TDC NAVAL SE22 March 2023AGENDA Economical Price Adjustment, A DoD perspective FAR 16.203

How to fill out economic price adjustment epa

How to fill out economic price adjustment epa

1. To fill out the economic price adjustment EPA, follow these steps:
2. Start by gathering all the necessary information and documents related to the project or contract for which the EPA is being filled out.
3. Begin by providing the basic details of the project, such as the contract number, project name, and project owner.
4. Specify the contract duration and the start and end dates.
5. Describe in detail the scope of work, including the different tasks and deliverables involved.
6. Calculate and enter the base price for the project or contract.
7. Determine the economic factors that may affect the price and identify their corresponding weights.
8. Analyze and evaluate the impact of each economic factor on the base price and calculate the adjustment amount for each factor.
9. Sum up all the adjustment amounts to obtain the total economic price adjustment for the project.
10. Provide any necessary explanations or justifications for the adjustments made.
11. Review the completed EPA form for accuracy and completeness before submitting it.
12. Keep a copy of the filled-out EPA for future reference and documentation purposes.

Who needs economic price adjustment epa?

1. Economic price adjustment EPA is typically needed by organizations or individuals involved in long-term contracts or projects that are subject to the effects of economic factors.
2. This includes construction companies, government agencies, contractors, and suppliers who are locked into contracts that span over several months or years.
3. EPA helps ensure that the contract prices remain fair and reflective of prevailing economic conditions, allowing for adjustments to be made if necessary.
4. It protects both parties from financial losses or gains caused by unforeseen economic fluctuations and provides a mechanism for balancing the costs and risks involved in long-term contracts.

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What is economic price adjustment epa?

Economic Price Adjustment (EPA) is a contractual clause that allows for price changes in response to changes in economic conditions, such as inflation or fluctuations in the cost of materials.

Who is required to file economic price adjustment epa?

Typically, contractors or suppliers who have contracts with adjustable pricing clauses due to economic changes are required to file an Economic Price Adjustment.

How to fill out economic price adjustment epa?

To fill out an EPA, you need to provide details such as the original contract price, the basis for the adjustment, calculations showing the reason for the price change, and supporting documentation.

What is the purpose of economic price adjustment epa?

The purpose of EPA is to ensure that parties are compensated fairly for unexpected increases or decreases in costs, thereby maintaining contractual equity.

What information must be reported on economic price adjustment epa?

The information required includes contract details, justification for the adjustment, calculations based on economic indices, and any relevant supporting documents.