ECOWAS Tenders Code a. These contracts shall indicate the minimum and maximum limits of the services or goods to be provided, expressed in terms of quantity or value. b. The contracts shall be concluded for a period not exceeding one year. However, they may contain a clause on an optional renewal for a maximum of two years, with each party having the right to give notice of renunciation of the said clause. b) Such services or goods referred to in paragraph (2) of this Article, shall be delivered on the basis of purchase orders which shall indicate the quantity to be supplied and the place and date of delivery. c) Payment for Framework or Purchase order contracts is often done in batches, particularly in cases where requirements are aggregated to accord institutions the advantage of economies of scale. 4. Goodwill contracts are contracts under which the Community undertakes to award to contractors all orders in respect of a particular category of services, for a fixed period not exceeding two years, without having to specify the quantities and value of the orders in the contract document. The bidding documents shall indicate the quantities normally required over a similar period and the approximate schedule of delivery, thereby allowing candidates the opportunity to calculate unit costs on the basis of a manufacturing schedule to be determined by them. Thereafter, the same procedure shall be followed as in the case of Framework or Purchase Order Contracts. 5. Programme contracts are investment operations funded by the Community through special arrangements within the framework of a programme, where the total commitment, corresponding to the total estimated cost, is left open and is matched by grants made available yearly to cover each segment of the contract to be executed. The contract is concluded for a period of more than one year and is executed in annual segments which content is determined each year after the corresponding budget is voted. Article 64: Contract Price 1. The contract price shall cover all the expenses resulting directly and indirectly from the execution of the works, supply of goods or provision of services. 2. The price consists of either a unit price applied to the quantities, or is time-based in case of intellectual services, actually undertaken, or a lump sum, where the total value of the contract is determined in advance, or a combination of both, or calculated on a fixed cost plus fee basis. Under this latter arrangement, the Community reimburses the actual and verified expenses incurred by the contractor, supplier or service provider, to which it adds a fee or coefficient earmarked to cover general costs, taxes, levies and profits. The value of the different elements which are used to determine the amount payable shall be indicated in the contract. 3. The contracts are concluded on the basis of a fixed price. Contracts may exceptionally be concluded on the basis of a provisional price with suppliers or contractors who accept to be subjected to price verification during the execution of the contract in accordance with the provisions of Article 45 paragraph 3 of this Code. Contracts based on provisional Final Page 30