The total installed price refers to the complete cost associated with acquiring a product or material, making necessary adjustments to ensure it fits with other components of a building, and installing it within a Federal facility. This definition emphasizes the comprehensive nature of the price, which includes not just the purchase cost, but also any modifications and the installation process.
The term total installed price is commonly used in legal and contractual contexts related to construction and federal procurement. It is particularly relevant in contracts involving government facilities, where precise pricing is essential for budgeting and compliance with federal regulations. Users may encounter this term in contracts, bids, and procurement documents, and can utilize legal templates from US Legal Forms to draft or review such agreements effectively.
Here are a couple of examples of abatement:
Example 1: A contractor is hired to install new windows in a federal building. The total installed price includes the cost of the windows, any necessary resizing or adjustments, and the labor for installation.
Example 2: A company provides new HVAC systems for a federal facility. The total installed price encompasses the purchase of the systems, any ductwork modifications, and the installation labor. (hypothetical example)
According to 15 USCS § 205c (6), the total installed price is defined within the context of federal facilities. This statute outlines the components that contribute to the overall pricing structure in government contracts.
| Term | Definition | Difference |
|---|---|---|
| Installed Price | The cost of a product after installation. | Does not include modifications or adjustments. |
| Purchase Price | The cost of acquiring a product before any additional expenses. | Excludes installation and modification costs. |
If you are involved in a project that requires understanding the total installed price, consider the following steps:
Browse our library of 85,000+ state-specific legal templates.
It includes the cost of the product, any necessary modifications, and the installation expenses.