Labor And Materials Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Labor And Materials, written in plain English, along with examples of how it is used.
What is Labor And Materials?
(n) Labor and materials type is the contract in which the payments are made for the actual material and labor used in that work. Specialty of this type of contract is that, benefit of all saving in material and labor portion goes to the owner. Contractor cannot make any profit from material and labor savings. Here material wise and labor wise records are required to be maintained.