ECOWAS Tenders Code prices shall specify the accounting obligations of the suppliers or the contractors as well as the conditions governing the determination of the final price. 4. Contract prices can be fixed or adjustable in the following circumstances: a) The Contract price is fixed when it cannot be modified during the execution of the contract as a result of a change in economic circumstances. Fixed-price contracts are only concluded when the foreseeable changes in the economy do not expose the parties to unpredictable risks. b) Price adjustment provisions shall be included in contracts which extend beyond eighteen (18) months and are usually not necessary in simple contracts involving delivery of goods or completion of works within eighteen months. Prices may be adjusted by use of a prescribed formula which breaks down total price into components that are adjusted by price indices specified for each component or alternatively, on the basis of documentary evidence provided by the supplier or contractor which shall be easily verifiable. c) Conditions under which prices may be reviewed shall be determined for each type of contract in the general administrative provisions applicable to contracts and detailed in the special administrative provisions outlining conditions governing each contract, with particular emphasis on the review formula, the start-off threshold, the neutralization margin and all other special conditions. d) Advances shall not be subject to review. Where advances are deducted from the sums payable as progress payments or balances to the contractor, the price review clause shall apply only to the amount outstanding from the initial cost after deduction of all advances. Article 65: General and Special Conditions of Contract 1. Conditions of Contract govern the execution of the contract and include General and Special Provisions. a) General Conditions (GC) of Contract include administrative provisions applicable to a category of contracts. Conditions of General Technical Provisions include technical provisions applicable to the execution of works or supply of goods and services of the same nature. b) Special Conditions (SC) of Contract include administrative provisions specific to each contract. Special Conditions of Technical Application include technical provisions specific to the execution of works or supply of goods and services. The Special Conditions of Contract identify the General Conditions of Contract that they supplement or amend. 2. General Conditions of Contract shall include a provision requiring that the supplier, contractor or service provider and their sub-contractors comply with legislative provisions governing the environment and workers’ protection. Article 66: Delivery and Acceptance Prior to acceptance, procuring entities shall ensure that appropriate mechanisms and procedures in the procurement manual are applied to ensure that goods, works and services delivered are in accordance with the terms of the procurement contract. Final Page 31