labor hour contract definition

labor hour contract

Type of 'time and material' contract in which the required materials neither are included in the contract nor are they supplied by the contractor. The owner (principal) of the contract supplies the materials, and pays a fixed rate of compensation that includes overhead and profit for a negotiated number of labor (or man) hours or days.

labor hour contract is in the Agreements & Contracts and Purchasing & Procurement subjects.

This content can be found on the following page:

http://www.businessdictionary.com/definition/labor-hour-contract.html