Practice Guideline of Time and Materials and Unit Price Contracts

This Skill Bit focuses on effectively managing these contract types, which are ideal for projects with uncertain requirements. Key strategies include establishing a clear scope definition, providing detailed cost breakdowns, and implementing structured change order processes. Accurate measurement and transparent reporting are crucial, along with maintaining open lines of communication. Quality control and thorough record-keeping play significant roles in tracking progress and expenditures. By following these best practices, stakeholders can navigate the complexities of T&M and unit price contracts, ensuring project success and financial accountability.

Duration approx. 5 Min.

Tier: proficiency

A part of Building an Effective Procurement Management Plan course.