Price Adjustment

The OPPP considered the following representations from a PE:-

1. Increasingly the PE has been encountering challenges in the procurement of goods, especially those supplied from overseas markets;
2. In particular, several bidders have advised of their inability to guarantee bid prices at various points in respective tender proceedings, as a result of global increases in the prices of raw materials to other market uncertainties attributable to the Covid-19 pandemic;
3. There are also instances where the  PE was presented with requests for or notifications of price revisions simultaneously with the Acceptance Letter as well as, after the Purchase Order has been issued;
4. These developments have placed the PE in a precarious position and the PE is desirous of guidance on the treatment of these eventualities within a procurement process.