What is T&M?

Curious what is T&M? The time & material (T&M) contract is based on real-time spent on a project and is an hourly basis or man-day rate. T&M is a different approach to a project than using a fixed price model contract. The fixed price contract look...

What is a Change Order in Construction

Due to the multifarious nature of building projects, a change order is unavoidable in the construction industry. Additions and changes to the work specified in a contract may be necessary. A change order also referred to as a variation order, is a written order to a...

Advantages of Time and Material Contracts

Are you wondering what are the advantages of time and material contracts, and how they compare to other options? If yes, the various facts about these two factors discussed below will definitely assist you choose wisely the right option for your project. Several years...