Time and materials is a standard phrase in a contract for construction in which the buyer agrees to pay the contractor based upon the work performed by the contractor`s employees and subcontractors, and for materials used in the construction (plus the contractor`s mark up), no matter how much work is required to complete construction. This is op.....
Found on
http://en.wikipedia.org/wiki/Time_and_materials
(T&M) A contract which provides for acquiring supplies or services on the basis of (1) direct labor hours at specified fixed hourly rates that include wages, overhead, general and administrative expenses, and profit and (2) materials at cost, including, if appropriate, material handling costs as part of materials costs.
Found on
http://www.lectlaw.com/def/c181.htm
Method of contracting in which a contractor is paid strictly on actual costs, including time and materials, and is usually a mutually-agreed-upon profit and overhead.
Found on
https://groundbreakcarolinas.com/50-construction-terms-every-construction-m
No exact match found.
