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Time & Materials Contract In Construction: A Guide To The Basics

Construction projects always carry some sort of unpredictability. These can be sudden changes in design, disrupted supply chain, or any circumstances like the pandemic or any other natural or man-made disaster. However, to ensure that such an unexpected situation does not bring any financial damage to the project, the project owner, or the contractors, construction contracts are being used for so many decades.

These contracts are designed with a vision that defines the responsibilities of all the stakeholders while assigning financial liabilities to every stakeholder involved. Moreover, the contract helps all the parties involved to define their project goals that serve as the foundational document for preconstruction, construction, and post-construction activities including planning, execution, or any other collaborative objectives.

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