Time & Material Work Daily Report


TIME & MATERIALS AGREEMENT

This agreement is between the parties indicated in the form. EILERS STEEL ERECTION, INC. hereinafter called EILERS STEEL ERECTION, INC., and the second party, hereinafter called the CONTRACTOR

ARTICLE I. SCOPE OF THE WORK

The scope of the work is described in "Work Description."

ARTICLE 2. BASIS OF PAYMENT

A. CONTRACTOR will pay to EILERS STEEL ERECTION, INC., for the performance of work the fees for all direct labor, both regular hours and overtime hours as required, at the rates set forth in the current EILERS STEEL ERECTION, INC., Rate Sheets.
B. CONTRACTOR will pay to EILERS STEEL ERECTION, INC., for materials procured in connection with the performance of work the invoiced cost to EILERS STEEL ERECTION, INC., plus pick up and delivery cost, plus the percentage markup as set forth in the current EILERS STEEL ERECTION, INC., Rate Sheet.
C. FOR SUBCONTRACTS, CONTRACTORS will pay EILERS STEEL ERECTION, INC., for actual amount paid to subcontractors for labor performed plus a percentage markup as set forth in the current EILERS STEEL ERECTION, INC., Rate Sheet.
D. For tools and equipment, use of special trucking, special heavy power tools, and special equipment identified and listed on the current EILERS STEEL ERECTION, INC., Rate Sheets, EILERS STEEL ERECTION, INC., will be reimbursed by CONTRACTOR at the rates on the current EILERS STEEL ERECTION, INC., Rate Sheets as follows:
1. Equipment owned by EILERS STEEL ERECTION, INC., shall be reimbursed at the rates on the current EILERS STEEL ERECTION, INC., Rate Sheets. No further markup shall be applied to these rates.
2. Equipment rented by EILERS STEEL ERECTION, INC., shall be reimbursed at the invoiced cost to EILERS STEEL ERECTION, INC., plus a percentage markup as set forth in the current EILERS STEEL ERECTION, INC., Rate Sheets.

ARTICLE 3. REPORTS

EILERS STEEL ERECTION, INC., shall submit a "Time & Materials Work Daily Report" for each day of work performance related to this agreement. Each report shall include the following:
A. T & M sheel listing EILERS STEEL ERECTION, INC., employees with occupation descriptions and number of regular and overtime hours worked.
B. A list of all chargeable tools and equipment showing hours used.
C. A list of chargeable material and quantities used.
The CONTRACTOR or representative must sign these reports daily in order for work to progress on a timely, uninterrupted schedule.
Field approval of time sheets is acceptance of work as indicated on "Time & Material Work Daily Reports."

ARTICLE 4. INVOICES

EILERS STEEL ERECTION, INC., will invoice contractor periodically as work progresses. EILERS STEEL ERECTION, INC., will furnish the following substantiating data with its invoices:
A. Itemizations of each class of employee, number of regular and overtime hours worked, and rates charged. Overtime hours shall be hours worked after regular quitting time during the regular work week, all hours on weekends, and all hours on holidays.
B . A copy of all Subcontractors' invoice if applicable.
C. Itemized charges for all material used and for all special equipment and special heavy power tools, all adequately described.
D. The terms of all T & M invoices are Net 30 days and are subject to a FINANCE CHARGE FOR LATE PAYMENT. This charge is computed at an ANNUAL PERCENTAGE RATE OF 18% (PERIODIC MONTHLY RATE OF 1.2%) ON THE TOTAL PAST DUE BALANCE.