Time and Material service call, (1) one hour of technical labor. Instead of a fixed […]
Time and Material Billing Model - A more flexible approachThe Time and Material model addresses the fixed price model’s limitations by introducing a flexible contractual agreement between the client and the contractor to eliminate the need for a drawn-out planning phase. In a Time and Materials model, the software development vendor charges the client based on an hourly cost of the time spent towards development efforts and cost of materials. This contract typically includes an hourly, weekly, or monthly price of resources, terms of resource procurement, and timeline agreements. A T&M model also considers software development intricacies like dynamic requirements, software upgrades, and unscheduled maintenance as unknown variables of the project. As this contract allows dynamic changes to be included in an already agreed scope, the T&M model is usually preferred by both clients and vendors over a fixed-price model.
Benefits of a Time and Material Contract
|Limitations||Budgetary and timeline inconsistencies can also be a cause for concern, however these can be addressed by setting up KPIs to measure progress and ensure regular releases.|
|Time||1 hr (minimum)|
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