Not quite sure what you mean by "With additional works - as the client did not like the figures the risk register was showing - we have agreed a percentage uplift for risk". However, ignoring that, it can be confirmed that the same way a compensation event should be built up for a "positive" one should be applied to a "negative" one. That means it should include risk, and also any time savings if planned Completion is coming forward, and the saving should also include fee as well, but Completion Date would not come forward.
I do get that a Contractor is not going to go "all out" in maximizing risk within a quote that is going to reduce the Total of the Prices, but the rules are meant to be the same. This is the one type of quote that the Contractor is trying to make as low as possible, and for once the Project Manager is trying to increase!