154-22 Correspondence with Attachments.pdf

TOWNSHIP OF WEST ORANGE 25 Lakeside Avenue, West Orange, New Jersey 07052 DEPARTMENT OF PUBLIC WORKS Engineering Division ROBERT PARISI MAYOR LEONARD R. LEPORE Tel: (973) 325-4160 Municipal Engineer Director of Public Works Fax: (973) 669-9588 Email: Engineering@westorange.org AN EQUAL OPPORTUNITY EMPLOYER www.westorange.org [FILENAME:ma 2020 asphalt price adjustment for resolution] ZYC 06/06/2022-CALCULATIONS Page | 1 ASPHALT PRICE ADJUSTMENT CALCULATION FOR ARVERNE ROAD, CRESTMONT RD & WESTOVER TERRACE Asphalt Index: MA = $ 750.00 – PRICE DURING INSTALLATION (JUNE 2022) T = 1,742 TON (HMA 12.5M64) – BASED ON CONTRACT AMOUNT T = 0 TON (HMA 19M64) Ttotal= 2000 TON BA = $ 513.00 – BID OPENING IN November 2021, (October 2021 PRICE) % BINDER = 5.00% EQUATION USED: A = (MA ‐BA) x T WHERE: A= ASPHALT PRICE ADJUSTMENT (API) MA= MONTHLY API BA = BASIC API T= TONS OF NEW BINDER A = (MA‐BA) x T A= ($750‐$513) x (1,742 TON * 5.00%) = $20,642.70