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40 Cost of the Work: 11.4 The term Cost of the Worts means the sum of all costs necessarily incurred and paid by CONTRACTOR in the proper performance of the Work. Except as otherwise may be agreed to in writing by OWNER, such costs shall be in amounts no higher than those prevailing in the locality of the Project, shall include only the following items and shalt not include any of the costs itemized in paragraph 11.5: 11.4.1 For all labor and foremen (CONTRACTORS and subcontractors) in direct charge of the authorize operations, the CONTRACTOR shall receive the current local rate of wages, to be agreed upon in writing before starting such work, for each hour that said labor and foremen are actually engaged thereon, to which shall be added an arraount equal to 15 percent (15%) of the surra thereof which shall be considered and accepted as full compensation for general supervision and the furnishing of small tools and miscellaneous equipment used, such as fucks, shovels, hand pumps, and similar items, 11.4.7 For all materials used (by CONTRACTOR or subcontractor), the CONTRACTOR shall receive the actual cost of such materials delivered at the site or previously approved delivery point as established by original receipted bilis. No percentage shall be added to this cost. 11.4,3 For special equipment and machinery (used by CONTRACTOR or subcontractor) such as power driven pumps, concrete mixers, trucks, and tractors, or other equipment required for the economical performance of the authorized work, the CONTRACTOR shall receive payment based on the agreed rental price for each item of equipment and the actual time of its use on the work. No percentage shall be added to this cost. 11 AA The CONTRACTOR'S profit shall be computed by taking ten (10%) percent of the sum of items 11 A1 (less the 15% added), 11.4.2, and 11 A4 3 above. 11.4,5 The total cost of ,performing this extra work shall then be the sum of items 11 A.1, 11.4.2, 11.4.3, and 11.4.4. 11.4.6 Records of extra work done, if any, shall be reviewed at the end of each day by the CONTRACTOR or his representative and at the discretion of the Engineer, duplicate copies of accepted records made and signed by both CONTRACTOR or his representative and the Engineer, and one copy retained by each.. 11.5 The term cost of the Work shall not include any of the following: 11.5.1 Payroll costs and other compensation of CONTRACTOR's officers, oxec�atives, principals (of partnership and sole proprietorships), general managers, engineers, architects, estimators, attorneys, auditors, accountants, purchasing and contracting agents, expediters, timekeepers, clerics and other personnel employed by CONTRACTOR whether at the site or in CONTRACTOR's principal or a branch office for general administration of the Work and not specifically included in the agreed upon schedule of job classifications referred to in paragraph 11 .4.1 all of which are to be considered administrative costs covered by the CONTRACTOR's Fee. GENERAL CONDITIONS GC - 26