ARTICLE 12 - CHANGE OF CONTRACT PRICE; CHANGE OF CONTRACT TIMES
12.01 Change of Contract Price
A. The Contract Price may only be changed by a Change Order or by a Written Amendment. Any Claim for an
adjustment in the Contract Price shall be based on written notice submitted by the party making the Claim to the
ENGINEER and the other party to the Contract in accordance with the provisions of paragraph 10.05.
B. The value of any Work covered by a Change Order or of any Claim for an adjustment in the Contract Price
will be determined as follows:
1. Where the Work involved is covered by unit prices contained in the Contract Documents, by application of
such unit prices to the quantities of the items involved (subject to the provisions of paragraph 11.03); or
2. Where the Work involved is not covered by unit prices contained in the Contract Documents, by a
mutually agreed lump sum (which may include an allowance for overhead and profit not necessarily in
accordance with paragraph 12.01.C.2); or
3. Where the Work involved is not covered by unit prices contained in the Contract Documents an agreement
to a lump sum is not reached under paragraph 12.01.B.2, on the basis of the cost of the Work (determined as
provided in paragraph 11.01) plus a CONTRACTOR's fee for overhead and profit (determined as provided in
paragraph 12.01.C).
C. CONTRACTOR's Fee: The CONTRACTOR's fee for overhead and profit shall be determined as follows:
1. A mutually acceptable fixed fee: or
2. Ifa fixed fee is not agreed upon, then a fee based on the following percentages of the various portions of
the Cost of the Work:
a. For costs incurred under paragraphs 11.01.A.1 and 11.01.A.2, the CONTRACTOR's fee shall be 15
percent;
b. For costs incurred under paragraph 11.01.A.3, the CONTRACTOR's fee shall be five percent;
c. Where one or more tiers of subcontracts are on the basis of Cost of the Work plus a fee and no fixed
fee is agreed upon, the intent of paragraph 12.01.C.2.a. is that the Subcontractor who actually performs
the Work, at whatever tier, will be paid a fee of 15 percent of the costs incurred by such Subcontractor
under paragraphs) =11.01.A.1 and 11.01.A.2 and that any higher tier Subcontractor and
CONTRACTOR will cach be paid a fee of five percent of the amount paid to the next lower tier
Subcontractor;
d. No fee shall be payable on the basis of costs itemized under paragraphs 11.01.A.4, 11.01.A.5, and
11.01.B;
e. The amount of credit to be allowed by CONTRACTOR to OWNER for any change which results in a
net decrease in cost will be the amount of the actual net decrease in cost plus a deduction in
CONTRACTOR's fee by an amount equal to five percent of such net decrease; and
f. When both addition and credits are involved in any one change, the adjustment in CONTRACTOR's
fee shall be computed on the basis of the net change in accordance with paragraphs 12.01.C.2.a through
12.01.C.2.¢ inclusive.
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