Time and Materials Contract Sample Clauses
A Time and Materials Contract is an agreement where the client pays the contractor based on the actual time spent and materials used to complete a project. Under this arrangement, the contractor typically charges an hourly or daily rate for labor, plus the cost of materials, with invoices reflecting the real usage rather than a fixed project price. This type of contract is commonly used when the scope of work is not clearly defined at the outset or may change during the project, providing flexibility for both parties. Its core function is to allocate risk and cost responsibility in situations where project requirements are uncertain, ensuring that contractors are compensated for their actual efforts while clients retain control over project expenses.
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Time and Materials Contract. A contract in which Contractor is paid the following: (1) an hourly rate for labor actually performed; and (2) if applicable and with prior approval by the Ordering Agency, for the cost of the materials or supplies actually used by the Contractor. Such rates and costs shall be established through Contractor’s submission of a price sheet, written quote, estimate, or invoice, as approved by the State. Hourly rates may include wages, overhead, general and administrative expenses, and reasonable profit. Materials or supplies may include the Contractor’s direct and indirect costs attributable to the work performed.
Time and Materials Contract. Any contract awarded by WI to TRW for continued development of the Spitfire products, including the Letter Contract signed concurrently herewith.
Time and Materials Contract. This Contract is a time and materials contract. Payment for personnel effort shall be made monthly at the rates set forth below. Payment for materials and supporting commercial services shall be “at cost” with no markup and shall be limited to “allowable costs.”