$107.25

TM-1

Time and Material service call, (1) one hour of technical labor. Instead of a fixed […]

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Time and Material Billing Model - A more flexible approach

The 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.

Features

Benefits of a Time and Material Contract
  • Faster project setup. The client does not have to specify the entire project scope and set of requirements initially. Therefore, the project can start much quicker.
  • Flexibility: The client can extend the project scope, add new requirements, incorporate user feedback to modify or add new features, or even pivot the project in a different direction.
  • Improved Control and Quality Assurance: The client is more involved in the decisions taken during the project, thus, has better control over the development process. The client can continuously test the product to verify that it meets the specified requirements.
  • Retains Trust: This model is often known as a contract which is built on a client-vendor relationship. While the client shows trust by agreeing to such a working arrangement, the vendor needs to deliver as per the scope to maintain its reputation.
Technical Details
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)
Project Types
MFD Hardware Repair
IT Software Install

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