Section 3-122-140 - Time and materials contract(a) A time and materials contract provides an agreed basis for payment for materials supplied and labor performed.(b) A time and materials contract shall, to the extent possible, contain a stated ceiling or an estimate that shall not be exceeded without prior agency approval.(c) A time and materials contract shall be entered into only after the procurement officer determines in writing that: (1) Agency personnel have been assigned to closely monitor the performance of the work; and(2) In the circumstances, it would not be practicable to use any other type of contract to obtain needed goods, services, or construction, in the time required, and at the lowest cost or price to the purchasing agency.[Eff 12/15/95; comp 11/17/97; am and comp MAR 21 2008] (Auth: HRS §§ 103D-202, 103D-313) (Imp: HRS § 103D-313)