Looking for flexibility in managing project costs while keeping control? Let’s explore the Time and Material Contract, or T&M!
A T&M contract combines elements of both cost-reimbursable and fixed-price contracts. You pay for time worked and materials used.
You need a T&M contract when scope isn’t fully defined, and you need flexibility with both time and resources.
To use it, set hourly rates and material costs upfront. The seller tracks time and materials, and you pay accordingly.
T&M contracts offer adaptability for evolving projects. Use it when you need control over costs without locking into fixed terms!
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