Payment Modes in Contract of Work Tendering: Time and Materials or Unit Price Contract

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This Skill Bit shows that Time and Materials/Unit Price contracts pay based on actual time spent (T&M) or pre-defined unit rates. They’re ideal for projects with uncertain scope, but require meticulous tracking of time, materials, and costs to ensure fair pricing and project control.

Duration approx. 4 Min.

Tier: proficiency

A part of Building an Effective Procurement Management Plan course.

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