I've never done it, but i think if I did, I would make up a new contract for everyone and give them a month in advance - tell them they need to sign and return in a week or two (give a return date). And maybe a little note attached to the contract saying "due to the cost of living/cost of supplies (whatever you want to say) your rates will change effective Jan 1, 2011. Please feel free to contact me if you have any questions." Many dcp's renew contracts at the first of the year, so this isn't really unheard of.

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