Labor And Materials

Business, Legal & Accounting Glossary

Definition: Labor And Materials


Labor And Materials


What is the dictionary definition of Labor And Materials?

Dictionary Definition


n. what some builders or repair people contract to provide and be paid for, rather than a fixed price or a percentage of the costs. In many states, if the person performing the work is not a licensed contractor, he/she is limited to labour and materials in any lawsuit for contract payment, and may not receive a profit above that amount. Consumers who believe they will get a better deal from someone working for labour or time and materials should beware and watch receipts and keep track of actual labour hours worked.


Synonyms For Labor And Materials


Time And Materials


Cite Term


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https://payrollheaven.com/define/labor-and-materials/
Modern Language Association (MLA):
Labor And Materials. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
March 29, 2024 https://payrollheaven.com/define/labor-and-materials/.
Chicago Manual of Style (CMS):
Labor And Materials. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/labor-and-materials/ (accessed: March 29, 2024).
American Psychological Association (APA):
Labor And Materials. PayrollHeaven.com. Retrieved March 29, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/labor-and-materials/

Definition Sources


Definitions for Labor And Materials are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th April, 2020 | 0 Views.