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time and materials

   Also found in: Acronyms, Encyclopedia 0.01 sec.

labor and materials (time and materials) n. what some builders or repair people contract to provide and be paid for, rather than a fixed price or a percentage of the costs. In many states, if the person performing the work is not a licensed contractor, he/she is limited to labor and materials in any lawsuit for contract payment, and may not receive a profit above that amount. Consumers who believe they will get a better deal from someone working for labor or time and materials should beware and watch receipts and keep track of actual labor hours worked.



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Extensive experience with a diversity of contract types, including negotiated - maximum guaranteed price (around 50% of business), spec and bid - lump sum (25%) and time and materials (25%).
An additional 39% of revenues came from time and materials contracts, which have also drawn criticism because they pose additional risk of increased costs.
The single-award, time and materials, firm-fixed-price contract has a 42-month base period of performance with a one-year option and a total value of $18 million if the option is exercised.
 
 
 
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