Labor And Materials Legal Meaning and Definition
Here is a simplified definition of the legal term Labor And Materials.
Labor and Materials (n): This refers to a type of contract in which payments are made for the exact amount of material and labor utilized in a particular task or job. It's distinctive because all savings from material or labor expenses belong to the owner, not the contractor. This contract type requires detailed record-keeping of material and labor usage, preventing the contractor from deriving profit from material and labor savings.