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.
The Oklahoma Time and Material Building and Construction Contract — Owner to Supply Materials is a legal agreement between a construction contractor and an owner in the state of Oklahoma. This contract establishes the terms and conditions under which the construction project will be executed, particularly when the owner is responsible for providing the necessary materials. This type of contract is commonly used in situations where the owner wishes to have more control over the quality and specifications of the materials being used in the construction project. By providing the materials themselves, the owner ensures that their preferences and requirements are met. However, it also brings additional responsibilities and considerations for both parties involved. The Oklahoma Time and Material Building and Construction Contract — Owner to Supply Materials typically includes the following key elements: 1. Parties Involved: The contract clearly identifies the contractor and the owner, establishing their rights, responsibilities, and contact information. 2. Scope of Work: This section defines the scope of the construction project, including specific tasks, timelines, and any necessary permits or licenses required. 3. Materials and Supplies: Details regarding the owner's responsibility to supply the necessary materials for the project are outlined in this section. It can include specifications, brands, quantities, delivery schedule, and any documentation required for verification. 4. Pricing and Payment: The contract specifies the agreed-upon payment terms, including hourly rates for labor, reimbursement for materials, and any other costs such as permits or inspections. The owner may also decide whether to impose a maximum budget limit for materials. 5. Change Orders: Provision for documenting and approving any changes in scope, materials, or timelines during the project is usually included in this section. Both the contractor and owner must agree on these changes in writing to avoid any disputes or misunderstandings. 6. Dispute Resolution: The contract may include a clause detailing the process for resolving any disputes that may arise during the project, such as mediation or arbitration. Different types or variations of the Oklahoma Time and Material Building and Construction Contract — Owner to Supply Materials may exist based on specific project requirements or preferences. These variations could include contracts for residential construction, commercial construction, renovation projects, or contracts specific to certain industries like healthcare or education. Each contract type will have its own tailored provisions and considerations to suit the particular needs of the project and the parties involved.
