> my contract allows for unpaid overtime

Unless i was in serious financial trouble, or in a learning situation, i would never accept a contract that "allows for unpaid overtime".

Most of the companies i know don't allow for "paid free time", so why should i give away my time for free to increase profits for the company ?

The exception to this is of course "job salary", but i never accept those either unless i have a say in what exactly makes up the "job" part, and i usually tell the employer that "job salary" goes both ways, so if i'm done with my job Wednesday afternoon, i'll say "enjoy your weekend" and be back next monday. That's when we usually agree on paid overtime :)