A contract that specifies prices for different elements of a building project, such as the cost of hourly labor, overhead, profit, etc. Such a contract may or may not state a maximum price for such el [..]

Refer to Contract, Time and Materials

Time and materials contract is a type of construction contract. Time and materials contract is an arrangement in which a contractor is paid on the basis of actual cost of direct labor, usually at spec [..]

A construction contract which specifies a price for different elements of the work such as cost per hour of labor, overhead, profit, etc. A contract which may not have a maximum price, or may state a 'price not to exceed'.