Time and material has elements of both the unit price and cost plus approach. The owner pays the contractor on the basis of effort expended, but there is no fee as such. An important element of this method is that these labor and equipment costs must include all indirect and overhead expenses, profit and contingency, in lieu of payment of any extra "fee." Such a contract may include a list of hourly payment rates, for carpenters etc., with a premium in normal hourly rates to include indirect expenses and overhead.
Florida Time and Material Building and Construction Contract — Owner to Supply Materials is a legal agreement between the owner of a construction project and a contractor, outlining the terms and conditions of a construction project in which the owner is responsible for providing the necessary materials. This contract is commonly used in the construction industry in Florida. Keywords: Florida, Time and Material Building and Construction Contract, Owner, Supply Materials, legal agreement, construction project, terms and conditions, contractor, construction industry. There are no different types of Florida Time and Material Building and Construction Contract — Owner to Supply Materials as the contract's purpose and structure remain consistent. However, the specific details within the contract may vary depending on the scope and requirements of each individual project. The contract typically includes essential sections such as: 1. Scope of Work: Clearly defines the scope of the project, including the construction tasks and responsibilities of both parties. 2. Materials and Delivery: Outlines the owner's obligation to supply all necessary materials and specifies how and when the materials will be delivered to the project site. 3. Labor and Equipment: Describes the contractor's responsibility to provide skilled labor and necessary equipment for the project. 4. Timeframe and Milestones: Establishes the project schedule, including start and completion dates, as well as any interim milestones or deadlines. 5. Compensation and Payment: Details how the owner will compensate the contractor for their services, taking into account labor, equipment, and any additional costs incurred during the project. 6. Change Orders: Includes provisions for addressing any changes or modifications to the original scope of work and how these changes will be documented and compensated. 7. Permits and Inspections: Outlines the owner's responsibility to obtain necessary permits and inspections required by state or local authorities. 8. Indemnification and Insurance: Addresses liability, insurance requirements, and indemnification of both parties in case of accidents, damages, or disputes arising from the project. 9. Termination: Sets forth the conditions under which either party can terminate the contract, as well as the associated consequences and procedures. It is important for both the owner and contractor to carefully review and understand the terms of the Florida Time and Material Building and Construction Contract — Owner to Supply Materials before entering into the agreement, as it establishes the legal framework for the successful completion of the construction project.
