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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. The term “time and materials” refers to the amount of time and construction materials that a contractor or subcontractor requires to execute the project. The other is a time and materials contract.

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The Impact of Framing in Decision Making

Rebel’s Guide to PM

The higher-priced gift seems a lot higher priced than $15; what exactly is in the box? You might be tempted to go for the lower-priced gift. Now consider the situation where you have three choices: one at $15, one at $40, and a top-price product that is $80. For example, imagine you are considering two job offers.

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9 Types of Artifacts in Project Management

Rebel’s Guide to PM

In this article we’ll look at the types of artifacts in project management, typical documents for each type. You might also here artifacts referred to as templates, documents, outputs or deliverables, but in all cases they relate to the work of managing the project, not the thing you are creating as the output of the project.

Logistics 509
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Cost-Plus Contract: How to Use One

ProjectManager.com

Because these agreements are so diverse, there are many different types of contracts, each with their own benefits. You’ll want to hire a contractor who’s familiar with this type of job and knows the specific steps to take. You’ll want to hire a contractor who’s familiar with this type of job and knows the specific steps to take.

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What Is Contract Administration? Key Practices and Processes

ProjectManager.com

into a written form that is easy to understand and refer back to. A contract administrator’s duties vary depending on the contract and the type of construction project. The two parties come to an agreement on what the work will be, how long it will take and how much it is worth. What is Contract Administration?

Process 448
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Project Artifacts and How to Use Them

Rebel’s Guide to PM

In this article we’ll look at the types of artifacts in project management, typical documents for each type. Mostly, the term refers to the project documentation you produce that defines and supports the work you are doing. What is an artifact? An artifact is something you create. Documents are documents.

Logistics 258
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Procurement Contracting: Types of Contracts & Best Practices

ProjectManager.com

There are many types of contracts in procurement, but before getting into that, we need to have a solid understanding of what procurement is and why it’s crucial to project success. Once you know that, you can start to research a list of suppliers who can deliver your requirements at a price within the constraints of your budget.