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5.2.2 By a time and material basis with or without a specified maximum, including all overhead and profit, total cost not to exceed maximum specified. The City's Representative will approve daily the Contractor's time and material for the Work. Time must be submitted on daily time sheets. Hourly rates must be negotiated prior to commencement of work. 5.3 Overhead and profit on Change Orders shall be applied as follows: 5.3.1 The overhead and profit charged by the Contractor shall be considered to include, but not limited to, performance and payment bond, job site office expense, normal hand tools, incidental job supervision, field supervision, company benefits, general office overhead, and other incidentals. The percentages for overhead and profit charged on Change Orders shall be negotiated and may vary according to the nature, extent, and complexity of the Work involved but in no case shall exceed the following: Overhead and Profit Not to exceed 12% combined Not more than three mark-ups, not to exceed individual maximums shown above, shall be allowed regardless of the number of tier subcontractors. Overhead and profit shall be shown separately for each subcontractor of any tier and the Contractor. 5.3.2 On proposals covering both increases and decreases in the amount of the Contract, the application of overhead and profit shall be on the net change in direct cost for the Contractor or Subcontractor of any tier performing the Work. 5.4 The contractor shall provide Change Order pricing and backup in a timely manner. No claim for an addition to the Contract sum will be valid unless authorized in writing by the City. 5.5 No changes or additions to work to be performed, materials to be furnished, or in the provisions of the Contract will be authorized until execution and delivery by the City to the Contractor of the written order referred to in this paragraph. Any work completed by the Contractor outside the original project scope without written approval from the City will be deemed as a waiver by the Contractor for additional compensation for said work. 5.6 If the Contractor asserts that any instructions, information, event or occurrence has caused a change in or addition to the Work which change causes an increase or decrease in the Contractor's cost or time required for the performance of any part of the Work under the Contract, the Contractor shall give the City written notice before conditions are disturbed and before proceeding to execute the Work. Contractor's notice shall be given promptly enough to avoid delaying the Work and in no instance later than seventy two hours after such instructions, information, event or occurrence has caused a change. If the City agrees that the Work involved is extra Work, a Change Order shall be issued as provided in this Article. No claims for extra Work shall be allowed unless the notice required by this Article is given by the Contractor within the time allowed, unless the Work is performed pursuant to the written order of the City as provided in this Article. Contractor's notice shall include the instructions or circumstances that are the basis of the claim and the Contractor's best estimate of the cost and time involved. PROVISION 6 TIME 6.1 Progress and Completion 6.1.1 Contractor acknowledges and agrees that time is of the essence. 22