Small Business Emergency Relief Act

Small Business Emergency Relief Act - States that it is the policy of Congress to provide equitable relief to small business concerns which have fixed price Government contracts in cases where such concerns encounter significant and unavoidable difficulties during performance because of the energy crisis or rapid and unexpected escalations of contract costs.

Authorizes the head of any agency of the Federal Government or his delegate to make appropriate modification in the terms of an existing fixed price contract or a fixed priced contract completed after December 31, 1972, with a small business concern which demonstrates that: (1) during the performance of the contract, it has experienced significant unanticipated cost increases directly related to the contract; and (2) the conditions which caused such increases were not peculiar to that particular small business concern and were generally experienced by other small business concerns in the market at that time.

Directs each agency of the Federal Government to include in any fixed price contract with a small business concern an economic price adjustment clause which provides for upward or downward adjustments in the contract price based on cost increases or decreases experienced by the small business concern in the performance of the contract.