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(c) Any contract for the sum of two hundred thousand dollars $200,000 or more for construction of highways, roads, streets, bridges, parking lots, demolition, clearing, grading, excavating, paving, pile driving, miscellaneous drainage structures, and the installation of water, gas, sewer lines and pumping stations where portions of the contract price are to be retained shall include in the bid proposal an option for the contractor to use an escrow account procedure as set out in Code of Virginia, § 2.2-4334, for utilization of the retainage funds by so indicating in the bid documents. In the event the contractor elects to use the escrow account procedure, the escrow agreement form included in the bid documents and contract shall be executed and submitted to the city within fifteen calendar days after notification of award of the contract. If the escrow agreement form is not submitted within the fifteen-day period, the contractor shall forfeit his rights to use the escrow account procedure. Sec. 12-183. Contract modification. (a) A contract may include provision for modification of the contract during performance, but no fixed price contract may be increased by more than twenty-five percent of the amount of the contract or $50,000, whichever is greater, without advance approval of the city council. In no event may the amount of any contract, without adequate consideration, be increased for any purpose, including, but not limited to, relief of an offeror from the consequences of an error in his bid or offer. (b) Any public body may extend the term of an existing contract for services to allow completion of any work undertaken but not completed during the original term of the contract, as permitted under Section 2.2-4309 B. of the Code of Virginia. Sec. 12-212. Requirements for certain state-aid construction contracts. (a) No contract for the construction of any building or for an addition or improvement of an existing building for which state funds of not more than $30,000 in the aggregate or for the sum of all phases of a contract or project either by appropriation, grant-in-aid or loan are used or to be used for all or part of the cost of the construction shall be let except after competitive sealed bidding; except that competitive negotiation may be used for construction contracts in the following instances, upon a determination made in advance by the purchasing agent and set forth in writing that competitive sealed bidding is either not practicable or not physically advantageous to the public, which writing shall document the basis for this determination: (1) For the alteration, repair, renovation or demolition of buildings when the contract is not expected to cost more than $500,000; or (2) For the construction of highways and any drainage, dredging, excavation, grading or similar work upon real property. (3) As otherwise provided in Sec. 2.2-4308 of the Code of Virginia.