The amount of money to be paid to the contractor in respect of the contract works may fall to be adjusted under various provisions of the contract. The most important of these are as follows:
Under a ‘fluctuations’ clause (also known as a ‘variation of price’, ‘variation in cost’, ‘rise and fall’ or ‘cost adjustment’ clause), any or all of the elements in the contract price relating to taxes and other statutory charges, or to costs of labour or materials, may be adjusted to take account of alteration or inflation1.
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