Labor and Materials (time and materials)

Liquidated Damages

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 or she is limited to labor and materials in any lawsuit for contract payment, and may not receive a profit above that amount.

Was This Term Helpful?

0 out of 0 found this helpful

Still got a question or concern?

Click here to contact us or go back to the main Glossary page.