Time and Material is, as to any Service: (i) the product of any applicable Personnel Rates for each of the Contractor’s personnel that provided such Service, multiplied by the number of hours expended by such personnel on such Service; plus (ii) the product of any applicable Equipment Rates for each of the Contractor’s Equipment that provided such Service, multiplied by the number of hours expended by such Equipment on such Service; plus (iii) the costs the Contractor evidences, to the University’s reasonable satisfaction, to have been incurred for material consumed or installed as part of the Services (excluding any material for which the cost is included in the Hourly Rates); plus (iv) an amount equal to any Material Markup specified on Schedule A of any material cost described in (iii); plus (v) any Subcontractor Cost approved by the University in advance; plus (vi) an amount equal to any Subcontractor Markup specified on Schedule A of any such Subcontractor Cost. The Contractor shall provide UConn with such evidence of costs included in Time and Material as UConn may request.

Time and Material is, as to any Service: (i) the product of any applicable Hourly Rates for each of the Contractor’s personnel that provided such Service, multiplied by the number of hours expended by such personnel on such Service; plus (ii) the costs the Contractor evidences, to the University’s reasonable satisfaction, to have been incurred for material consumed or installed as part of the Services (excluding any material for which the cost is included in the Hourly Rates); plus

Examples of Time and Material in a sentence

Profit on travel and ODCs is not allowable under Time and Material task orders.(The following two paragraphs are applicable to cost-reimbursement task orders):b.
If the contract type will be Time and Material (T&M) labor categories, labor rates, separated profit, and estimated material costs must be included in detail.
Payment will only be made for the material consumed during the performance of the Time and Material Work or for approved material which is incorporated as part of the finished work.
Any claim to extend the Contract Time and Material Completion and Occupancy Date not made in writing to Owner within the above time periods shall be deemed waived and shall not thereafter be valid.
Any claim to extend the Contract Time and Material Completion and Occupancy Date must be in writing, must set forth in detail the basis for the claim and the number of days of delay claimed, must be correlated with the approved Overall Project Schedule, must be executed by the Contractor and delivered to the Design Professional and the Owner, and must be reviewed and an appropriate time assessed by the Design Professional.

More Definitions of Time and Material

Time and Material or “T&M” shall mean the procurement of supplies or services pursuant to FAR Subpart 16.601 on the basis of direct labor hours at specified fixed hourly rates (which rates include direct and indirect labor, overhead, and profit), and material at cost (including material handling costs, if appropriate).

Time and Material refers to a method by which Consultant may be compensated for actual time spent and materials utilized to complete the Services. If the Parties agree Consultant shall be paid for its Services on a Time and Materials basis the Consultant shall be paid as set forth in Article IX of this Reserve Contract.

Time and Material in connection with a warranty claim is defined as follows: (i) With respect to "Time", the product of one hundred fifteen percent (115%) of the normal hourly wage (including fringe benefits, insurance and taxes) Owner pays with respect to its particular employee (not including overhead) multiplied by the number of hours each employee performed the particular Work. (ii) With respect to "Material", one hundred ten percent (110%) of the actual purchase price paid by Owner or an affiliate to a third party for the materials incorporated or consumed in connection with the Work; and (iii) With respect to Work performed by a subcontractor, one hundred ten percent (110%) of the actual amount paid by Owner to the subcontractor for such Work.

Time and Material in connection with a warranty claim is defined as follows: (i) With respect to "Time", the product of one hundred fifteen percent (115%) of the normal hourly wage (including fringe benefits, insurance and taxes) Company pays with respect to its particular employee (not including overhead) multiplied by the number of hours each employee performed the particular Work; (ii) With respect to "Material", one hundred ten percent (110%) of the actual purchase price paid by Company or an affiliate to a third party for the materials incorporated or consumed in connection with the Work; and (iii) With respect to Work performed by a subcontractor (other than an entity which directly or indirectly controls, is controlled by, or is under common control with, Company, Work done by any such entity being deemed Work done by Company through its own employees for purposes of this definition), one hundred ten percent (110%) of the actual amount paid by Company to the subcontractor for such Work.

Time and Material means (i) the hourly rate charged by Y-IT in respect of services rendered by it in accordance with Y- IT’s reasonable standard service charges from time to time and (ii) the costs of all material(s) used by Y-IT in rendering such services;

Time and Material in connection with a warranty claim is defined as follows: (i) With respect to "Time", the product of one hundred thirty percent (130%) of the normal hourly wage (including fringe benefits, insurance and taxes) Owner pays with respect to its particular employee (not including overhead) multiplied by the number of hours each employee performed the particular Work. (ii) With respect to "Material", one hundred twenty percent (120%) of the actual purchase price paid by Owner or an affiliate to a third party for the materials incorporated or consumed in connection with the Work; and EPC Contract (F-2) October 8, 2003 (iii) With respect to Work performed by a subcontractor, one hundred thirty percent (130%) of the actual amount paid by Owner to the subcontractor for such Work.

Time and Material means the invoicing of Services not included in a Fixed Price based on a) the number of labor hours chargeable by Aeroman for such Services times the Labor Rate, b) Materials at its catalog price plus the Handling Fee, and c) Outside Services at their actual cost to Aeroman plus the Handling Fee.