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' ARTICLE 12—CHANGE OF CONTRACT PRICE; CHANGE OF CONTRACT TIMES <br /> 12.01 Change of Contract Price <br /> ' A. The Contract Price may only be changed by a Change Order. Any Claim for an adjustment in the <br /> Contract Price shall be based on written notice submitted by the party making the Claim to the <br /> ' Engineer and the other party to the Contract in accordance with the provisions of Paragraph <br /> 10.05. <br /> ' 1. If Owner is entitled to reimbursement or payment from Contractor under or pursuant to the <br /> Contract Documents, such payment shall be made promptly upon demand of Owner. <br /> Notwithstanding anything contained in the Contract Documents to the contrary, if Contractor <br /> ' fails to promptly make any payment due Owner, or Owner incurs any costs and expenses to <br /> cure any default of Contractor or to correct defective Work, Owner shall have an absolute <br /> right to offset such amount against the Contract Price and may, in Owner's sole discretion, <br /> ' elect either to (1) deduct an amount equal to that which Owner is entitled from any payment <br /> then or thereafter due Contractor from Owner, including payment of retainage, or (2) issue a <br /> written notice to Contractor reducing the Contract Price by an amount equal to that which <br /> ' Owner is entitled. <br /> B. The value of any Work covered by a Change Order or of any Claim for an adjustment in the <br /> ' Contract Price will be determined as follows: <br /> 1. where the Work involved is covered by unit prices contained in the Contract Documents, <br /> ' by application of such unit prices to the quantities of the items involved (subject to the <br /> provisions of Paragraph 11.03); or <br /> ' 2. where the Work involved is not covered by unit prices contained in the Contract <br /> Documents, by a mutually agreed lump sum (which may include an allowance for <br /> overhead and profit not necessarily in accordance with Paragraph 12.01.C.2); or <br /> 3. where the Work involved is not covered by unit prices contained in the Contract <br /> Documents and agreement to new unit prices or a lump sum is not reached under <br /> Paragraph 12.01.13.2, on the basis of the Cost of the Work (determined as provided in <br /> Paragraph 11.01) plus a Contractor's fee for overhead and profit (determined as provided <br /> in Paragraph 12.01.C). <br /> C. Contractor's Fee: The Contractor's fee for overhead and profit shall be determined as follows: <br /> 1. a mutually acceptable fixed fee; or <br /> 2. if a fixed fee is not agreed upon, then a fee based on the following percentages of the <br /> various portions of the Cost of the Work: <br /> ' a. for costs incurred under Paragraphs I1.01.A.I and 11.01.A.2, the Contractor's fee shall <br /> be 15 percent; <br /> ' b. for costs incurred under Paragraph 11.0I.A.3,the Contractor's fee shall be five percent; <br /> EJCDC C-700 Modified Standard General Conditions of the Construction Contract <br /> Copyright©2007 National Society of Professional Engineers for EJCDC. All rights reserved. <br /> Page 59 of 81 <br />