construction

labor and materials (time 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.

Improvement

As applies to real estate, any permanent structure or work (such as planting trees) on real property, which increases its value or extends its useful life. As defined by the IRS, an addition to or alteration of a capital asset, which either increases its value or extends its useful life.

Kickbacks

Kickbacks: an overview

A "kickback" is a term used to refer to a misappropriation of funds that enriches a person of power or influence who uses the power or influence to make a different individual, organization, or company richer. Often, kickbacks result from a corrupt bidding scheme. Through corrupt bidding, the official can award the contract to a company, even though the company did not place the lowest bid. The company profits by having been awarded the bid and getting to perform the contract.

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