Offering a time and material (T&M) quote can be a great way to quickly agree to terms on a project with a tight timeline, which can be a perfect solution for the uncertain times we’re currently in. On the other hand, T&M can be a source of heartburn for owners and contractors, because costs can come as a surprise by the end of the project, which can lead to disputes.
Besides consistent communication, the best way to alleviate those concerns is to keep close track of labor hours and material costs and being able to provide proper documentation to the GC or owner. To allow for much easier and organized documentation, Riskcast has recently released a new T&M Module on their productivity and forecasting platform.
For those unfamiliar with Riskcast, you can check out my overview of their software and my interview with the co-founders by clicking or tapping here.
Several included features on the T&M module include:
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Tracking Ticket Status
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Capturing Comments and Revisions
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Auto Populating Information
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Signing and Distributing Copies
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Creating Invoices
“Due to the stop-and-start nature of construction work right now, we expect T&M to take a more prominent role as budgets and timelines are reevaluated and restructured,” said Alec Thomson, Co-Founder and CEO of Riskcast, in a press release. “We accelerated the release of this tool to help crews who are working to serve needs created by the coronavirus - like emergency temporary facilities - and for crews who are going to head back to work to find their projects significantly changed.”
On its first project, it was put to great use on a temporary FEMA hospital build at Stony Brook University in New York. With the clock ticking, the 1000+ hospital bed facility was completed with a crew of over 300 people working around the clock for 20 days.
In addition to the T&M Module, Riskcast also recently announced fee access to its platform for 90-days as a way to help contractors navigate through the coronavirus pandemic.
source https://www.constructionjunkie.com/blog/2020/5/12/riskcast-adds-time-amp-material-module-to-its-productivity-and-forecasting-platform
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