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(ii) Profit shall be negotiated as a separate element of the cost. To establish a fair and <br />reasonable profit, consideration must be given to the complexity of the work to be <br />performed, the risk borne by the Vendor, the Vendor's investment, the amount of <br />subcontracting, the quality of its record of past performance, and industry profit rates <br />in the surrounding geographical area for similar work. <br />(iii) Any agreement, amendment or change order for work performed on a time and <br />materials basis shall include a ceiling price that Vendor exceeds at its own risk. <br />