Common use of TIME AND MATERIAL CHANGES Clause in Contracts

TIME AND MATERIAL CHANGES. If the parties are unable to agree on a lump sum amount for any increase or decrease in the Contract Price resulting from any change in the Work, then the amount of such increase or decrease may, at the sole discretion of Princeton University, be determined on a time and material basis as the sum of (a) Contractor's aggregate additional reasonable and necessary costs or savings resulting from such change in the Work (whether incurred directly by Contractor or indirectly through one or more Subcontractors) for (i) labor and labor burdens for time actually spent at work on the Site, (ii) materials and equipment incorporated in the Work, (iii) rental of equipment, machinery or temporary facilities, and (iv) salaried personnel working directly on the Work, plus (b) a reasonable allowance for Contractor's overhead and profit relating to such costs or savings. Contractor shall keep, with respect to changes in the Work performed on a time and material basis, a complete and accurate account of all quantities of labor, materials, machinery, equipment, and salaried personnel costs relating thereto, itemized in such form and supported by such evidence as Princeton University may reasonably request. In addition, Contractor shall provide Princeton University with access to such records as Princeton University may reasonably request to allow the University to determine the amount of any savings applicable to any changes in the Work.