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.
A New Hampshire Time and Material Building and Construction Contract — Owner to Supply Materials is a legally binding agreement between an owner and a contractor for a construction project, where the owner is responsible for providing the necessary materials for the project. This type of contract is commonly used in the construction industry when the owner wishes to retain control over the procurement of materials. In this contract, the owner agrees to supply all the required materials for the construction project, including but not limited to lumber, concrete, steel, fixtures, fittings, and other necessary supplies. The contractor, on the other hand, agrees to provide the necessary labor, equipment, and expertise to complete the project. The contract typically includes detailed specifications for the materials, including quality standards, quantities, delivery timelines, and any specific manufacturer or supplier requirements. It also outlines the responsibilities of the owner to ensure timely supply of the materials and the contractor's obligation to utilize them for the construction project. The New Hampshire Time and Material Building and Construction Contract — Owner to Supply Materials may include provisions for cost reimbursement. In such cases, the contractor provides an estimate of the labor hours required for the project, as well as the overhead costs, profit margins, and any other expenses related to the labor portion of the project. The owner then agrees to reimburse the contractor for these costs, along with any additional costs incurred due to material wastage, unforeseen circumstances, or change orders. It is important to note that there may be variations of the New Hampshire Time and Material Building and Construction Contract — Owner to Supply Materials, depending on the specific requirements of the project and the parties involved. For instance, some contracts may include provisions for allowances or contingencies to account for potential material price fluctuations or changes in project scope. Other variations may include contracts with a cost-plus system, where the contractor is reimbursed for the actual cost of materials, plus a predetermined percentage or fee to cover overhead and profit. Additionally, there may be contracts that combine time and material provisions with fixed pricing for certain aspects of the project. In conclusion, a New Hampshire Time and Material Building and Construction Contract — Owner to Supply Materials is a specialized agreement that grants the owner control over the procurement of construction materials. By clearly defining the responsibilities of each party, this contract ensures transparency and accountability throughout the project.
