Under this type of contract,the buyer pays the seller for the time and materials required to complete the work and the unit rates are set.

Question

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Time and Materials contract is a type of contract where the buyer pays the seller for the time and materials required to complete the work. The unit rates are usually set for labor, materials, and other expenses. This type of contract is commonly used when the project scope is not well defined or when the buyer wants more control over the project.

Under This Type of Contract,the Buyer Pays the Seller for the Time