How is billing structured in a time & material model?
In a time & material model, billing is structured based on the actual time and resources utilized to complete a project. It provides flexibility and transparency to the client, as they pay for the actual hours worked and resources utilized. This model is suitable for projects with evolving requirements or where the scope is not well-defined. It allows for adjustments and changes throughout the project without requiring a complete re-evaluation of the budget. The billing is typically done on an hourly basis, with detailed timesheets provided to the client. The rate is established based on the expertise and skills required for the project.
September 13, 2023