What is the procedure if the Contractor and Project Manager are prepared to accept a Defect?

What is the procedure if both the Contractor and Project Manager are prepared to consider the change to the Works Information in order to accept a Defect?

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The Contractor will submit a quotation for either reduced Prices or an earlier Completion Date (or both). The Project Manager will consider his submission and either accept or reject it (see Clause 44.2). If it is accepted, the Project Manager will give an instruction to change the Works Information, the Prices and/or the Completion Date in accordance with the Contractor’s quotation.