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Adjustment of Price due to changes in cost
As per initial provisions the contract price was adjusted to take account of any increase or decrease in the indexed costs for labor, plant and equipment, materials and other inputs with reference to index number of whole sale prices published by RBI. After observing that in case of steel and fuel the increase in cost in the market was not getting reflected in the RBI indices, the basis of adjustment of these two components has been linked with market price.
Bill of Quantities were grouped earlier in different heads depending upon type of work i.e. earthwork, bridges etc. in such type of grouping it was difficult to assign percentages to various cost components of works hence the compensation on this basis was not realistic.
Later on RVNL has prepared standard Bill of Quantities in which major cost items like supply of cement, reinforcement steel, supply and fabrication of steel, supply of Poway materials, laying of track etc. has been kept in individually separate bill of quantities so that realistic percentages of cost components are specified for each bill which results into realistic compensation.
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