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How shall extra work be valued?
The value of any extra work or change shall be determined by the Owner in any one or more of the following ways:
• By a lump sum acceptable to the Contractor.
• By unit prices either stipulated in the Contract or subsequently agreed upon, provided the aggregate value of changes does not exceed 25% of the original Contract Price.
o Changes required by the Owner which in the aggregate exceed twenty five percent (25%) for overruns shall be covered by a supplemental contract. The Contractor shall not be obliged to execute such changes in accordance with the unit rate specified in his Bid, a supplementary contract being treated as one separate from and independent of the Contract.
o Where the aggregate value of all changes per pay item exceed twenty five percent (25%) and the Contractor, without demanding the execution of a supplemental contract executes the additional work required without objection or protest, the value of the changes shall be determined in accordance with the second bullet point above.
• By actual direct cost plus value added tax, if any, plus fifteen percent (15%) for Contractor's profit and overhead.
o Contractor shall keep and present a correct account of the direct cost together with vouchers and other supporting documents.