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ASA Urges the House Leadership to Support the PRICE Act

ASA, along with the Construction Industry Procurement Coalition (CIPC), urges House Leadership to support for Providing Relief In Construction Expenses Act of 2022 (PRICE Act).  Time is money for all businesses, but more so during this time of economic and supply chain uncertainty. Equitable Price Adjustments clauses to a federal contract, more commonly known as EPAs, are ubiquitous on construction projects. Yet contractors and subcontractors on federal construction projects increasingly are frustrated by the slow and limited implementation of this existing federal authority, especially on fixed price contracts the most common type of federal contract in the design and construction services (DES). Indeed, some federal contractors never see an EPA on a federal project. In the meantime, contractors and subcontractors must pay these unexpected costs out of their own pockets.   This legislation would encourage federal agencies to use its existing authority to use economic price adjustment clauses on federal contracts and by giving federal agencies more flexibility to combat costs related to inflation of materials and labor.