Selling Contractor definition
Selling Contractor. The contractor who receives the secondary order placed under the FAR Part 51 authority from the buying contractor. • Authorization: Written approval from the Federal Government for the contractor to use a Government supply source. • Time and Materials: A time-and-materials contract provides for acquiring supplies or services on the basis of— direct labor hours at specified fixed hourly rates that include wages, overhead, general and administrative expenses, and profit; and actual cost for materials (FAR16.601(b)). • Labor Hour: A labor-hour contract is a variation of the time-and-materials contract, differing only in that materials are not supplied by the contractor (FAR 16.602).