Common use of Lump Sum and Time and Materials Changes Clause in Contracts

Lump Sum and Time and Materials Changes. The following percentages for overhead and profit shall be added to, or, as applicable, deleted from, job costs for the net amount of Work added to or deleted from the contract by written lump sum or time and material Change Orders approved by the Owner in accordance with the General Conditions. Insurance, bond, and taxes are considered as job cost items and are not included in the percentages listed below. In any one quotation for added work involving a series of Subcontractors, including assigned subcontractors, the cumulative percentages for the Contractor’s and Subcontractor’s, including assigned subcontractors, overhead and profit shall not exceed twenty-five percent (25%). All costs shall be net costs including discounts realized by the contractor. Add to the net extra job costs for added Work to be performed by: 1) Contractor’s own forces 15 % 2) Subcontractors 5 % (including Assigned Subcontractors). Add to the net credit for job costs deleted for Work originally to have been performed by: 1) Contractor’s own forces 5 % 2) Subcontractors 0 % (including Assigned Subcontractors).