Remove time-and-materials-contract
article thumbnail

Time and Materials Contract: When to Use One & Best Practices

ProjectManager.com

One is by a fixed price, where a contract defines what will be done and sets a specific and final price for that work. If the team takes too long to complete their tasks or requires more materials than outlined in the contract, they eat those costs. The other is a time and materials contract.

article thumbnail

Time and Materials Contracts: The Definitive Guide [w/ Template]

Teamweek

A time and materials contract is a legally binding agreement that establishes a project’s cost based on the time taken and the material prices used to complete it. This contract type is common across multiple industries—e.g., What is a time and materials contract?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Make a Contractor Payment Schedule in Construction (Template Included)

ProjectManager.com

Payment is determined in the contract process, which includes the contractor payment schedule. This contractor payment schedule is defined in the construction contract and sets pay over regular intervals across the project schedule. A construction payment schedule is part of the contract in a construction project.

article thumbnail

Creating a Request for Quote (RFQ) for Procurement

ProjectManager.com

It provides project details and the service or product and materials needed, including the price. Once the request for quotation has been approved and you’re contracted with the supplier or contractors you’ll be using for the project, you’ll want to track those costs as you move through the project’s life cycle.

article thumbnail

Contractor Management: A Key to Successful Projects

ProjectManager.com

In the most general sense of the word, a contractor is someone who has signed a contract that legally binds them to specific work, including labor and materials. ProjectManager connects your office to the job site in real time. What Is a Contractor? Get started with ProjectManager today for free.

article thumbnail

RFI in Construction: A Quick Guide for Contractors

ProjectManager.com

Clarifying information that wasn’t included or unclear in the scope of the construction contract is critical to delivering a project on time, within budget and meeting quality standards. This construction document helps subcontractors understand what they need to do if they have any questions. What Is an RFI in Construction?

article thumbnail

What Should You Include in Your Preconstruction Meeting Agenda?

ProjectManager.com

Construction projects are structured with schedules, budgets and resource allocation. Many people work on them, from general contractors overseeing subcontractors to architects and, of course, the project owner. A preconstruction meeting ensures that all those parts are working together on a common goal. What Is a Preconstruction Meeting?