A.44 Authorities should have a clear understanding of i) the period for which all pricing elements of each bid submission are valid and ii) any portion of the pricing elements that are not firm6. In respect of subcontracts, Authorities should continue to require prices to be held for a period standardised across all bidders and may wish to make an extension of the minimum price validity period an element of competition.
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6 A firm price contract is a type of fixed price contract that is not subject to any adjustment. This is distinct from other types of fixed price contract that may be adjusted in certain circumstances. Terminology can vary so Authorities should have a clear understanding of the underlying principles.