labor and materials
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.
Category: Business, LLCs & Corporations

Nolo’s Plain-English Law Dictionary. . 2009.

labor and materials
   (time and materials)
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 labor 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 labor or time and materials should beware and watch receipts and keep track of actual labor hours worked.

Law dictionary. . 2013.

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