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NTL Classification:NTL-ECONOMICS AND FINANCE-ECONOMICS AND FINANCE;NTL-HIGHWAY/ROAD TRANSPORTATION-Construction and Maintenance;
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Abstract:Price adjustment mechanisms exist to account for fluctuations in commodity or labor prices and have
been used for highway construction in 47 states. They are useful in stabilizing bid prices in times of
economic uncertainty and preventing defaults on contracts. This study examined the feasibility of
establishing price adjustment practices on highway construction contracts in Texas. Researchers found that
there is not a consensus among TxDOT districts or contractors about using price adjustment clauses (PACs),
but those who favor such would use them for longer term, higher value projects if they were to be instituted.
Because there is not a clear agreement at this time among contractors and among TxDOT personnel
interviewed, implementation of PACs on construction projects cannot be recommended.
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