Cost of materials i.e. concrete and steel has risen since the Contractor bid for the work and the contract commenced. Does the Contractor either take this risk/hit or able to make an application for variation to the Contract sum?
Price adjustment for inflation is dealt with by the Fluctuations Provisions.
Your Contract Particulars should state whether the applicable Option A, B or C applies. If, however, the Fluctuations Provisions are NOT to apply then this should be stated in the Contract Particulars, which means that the Contract Sum is not adjusted under clause 4.2.3.
Perfect answer. Thanks very much Andrew