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time and material contract |
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time and material contract [¦tīm ən mə′tir·ē·əl ‚kän‚trakt] (industrial engineering) A contract providing for the procurement of supplies or services on the basis of direct labor hours at specified fixed hourly rates (which rates include direct and indirect labor, overhead, and profit), and material at cost. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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