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.
North Carolina Time and Material Building and Construction Contract — Owner to Supply Materials is a legal agreement commonly utilized in construction projects in North Carolina, where the owner of the property agrees to provide the necessary materials for the project. This type of contract is used when the owner wants more control over the quality and cost of the materials being used. In this contract, the owner takes responsibility for sourcing and delivering the materials to the construction site. The contractor, on the other hand, is responsible for the skilled labor, tools, equipment, and supervision needed to complete the project. The contract outlines the terms and conditions agreed upon by both parties, ensuring a smooth working relationship. Keywords: North Carolina Time and Material Building and Construction Contract, construction projects, owner-supplied materials, legal agreement, quality control, cost control, construction site, contractor, skilled labor, tools, equipment, supervision, terms and conditions, working relationship. Although there might not be specific variations of the North Carolina Time and Material Building and Construction Contract — Owner to Supply Materials, there might be some common modifications or extensions depending on the project. These could include: 1. Time and Material Building and Construction Contract — Owner to Supply Partial Materials: In scenarios where the owner decides to provide only a portion of the required materials, this modified contract outlines the terms and conditions regarding the owner-supplied materials, ensuring a clear understanding between both parties. 2. Time and Material Building and Construction Contract — Owner to Supply Specialty Materials: Certain construction projects may require specific or specialized materials. This variation clarifies the owner's responsibility in providing such materials and addresses any additional provisions or conditions related to their procurement. 3. Time and Material Building and Construction Contract — Owner to Supply Materials with Cost Reimbursement: In cases where the owner is responsible for supplying materials but wants to be reimbursed for their cost, this contract variation includes provisions specifying the reimbursement process. It outlines how the owner will present invoices for materials and how the contractor will reimburse the actual costs incurred. 4. Time and Material Building and Construction Contract — Owner to Supply Material— - Emergency Repairs: This modified contract caters specifically to emergency repair projects where time is of the essence. It outlines expedited procedures for the owner to supply materials swiftly for immediate repairs while ensuring the contractor is compensated fairly for their efforts. Keywords: Owner to Supply Partial Materials, Specialty Materials, Cost Reimbursement, Emergency Repairs, time-sensitive projects, reimbursement process, emergency repair projects, immediate repairs.
