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.
Idaho Time and Material Building and Construction Contract — Owner to Supply Materials is a specific type of contract used in the construction industry in Idaho. This contract is used when the owner of a construction project provides the necessary materials for the project, while the contractor is responsible for providing labor and other necessary resources. This type of contract is particularly common in situations where the owner has access to materials at a better price or has specific requirements for the project. The Idaho Time and Material Building and Construction Contract — Owner to Supply Materials is a legal document that outlines the responsibilities, obligations, and terms agreed upon by both parties involved. It ensures that both the owner and the contractor are on the same page regarding the project scope, costs, and timelines. In this type of contract, the owner is responsible for sourcing and supplying all necessary materials, such as construction materials, fixtures, fittings, and equipment. The owner is typically required to provide a detailed list of materials to be used in the project, including quantities, specifications, and quality requirements. The contractor, on the other hand, is responsible for providing skilled labor, tools, machinery, and expertise required to complete the project. The contractor's role involves the coordination of the construction process, including scheduling, project management, and quality control. The Idaho Time and Material Building and Construction Contract — Owner to Supply Materials covers various aspects of the project, including but not limited to: 1. Materials: The contract should specify the types, quantities, quality standards, and sources of materials to be provided by the owner. 2. Work Schedule: The agreed timeline for the completion of different phases of the project should be clearly outlined in the contract. It should also include provisions for potential delays and extensions. 3. Compensation: The contract should outline how the contractor will be compensated for their labor, including hourly rates, overtime rates, and reimbursement of approved expenses. It may also outline terms for invoicing, payment milestones, and retain age. 4. Changes and Modifications: Procedures for handling changes or modifications to the project scope, materials, or timeline should be clearly defined to avoid disputes. This may include provisions for change orders and how they will impact the contract price and schedule. 5. Insurance and Liability: The contract should specify the required insurance coverage for both the owner and the contractor. It should also outline the allocation of liability between the parties and any indemnification provisions. 6. Termination: The conditions under which the contract can be terminated by either party should be clearly stated, including provisions for termination due to default, breach of contract, or force majeure events. 7. Dispute Resolution: The contract may include provisions for the resolution of disputes, such as mediation, arbitration, or litigation. It's important to note that while the general structure and terms of the Idaho Time and Material Building and Construction Contract — Owner to Supply Materials may remain consistent, specific contracts may vary based on the unique circumstances of each project. Contractors and owners are advised to consult legal professionals or construction experts familiar with Idaho construction laws when drafting or entering into such contracts.
