What is a T&M invoice?

A Time/Materials (or "T&M") invoice uses your hours, billing rates and expenses to automatically compute an invoice's dollar amount. It's an extremely popular format for professional firms, and this article walk you through how they work.

How do you bill a company for your time?

Select an Invoice Template. Be sure to invoice your client as soon as the work's done.Add Products or Services. Add a separate line item for each product or service you're billing the client for.Find the Grand Total. Find the subtotal of all your line items.Include Important Details.Send the Invoice.Follow Up.

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Contractor's Time and Materials Log

Pima Arizona Contractor's Time and Materials Log

Name: Pima Arizona Contractor's Time and Materials Log
Brand: US Legal Forms
Rating: 4.85 (329 reviews)

Category:

Construction - Payments

State:

Multi-State

County:

Pima

Control #:

US-00465-CPK

Format:

Instant download

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Description

This Time and Material Log form allows a Contractor to send a separate bill to a customer for payment of the contractor's time and/or materials used on a particular project. This form is easily fillable so that the Contractor can spend less time on paperwork and more time in the field.

How to fill out Pima Arizona Contractor's Time And Materials Log?

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FAQ

A Time/Materials (or "T&M") invoice uses your hours, billing rates and expenses to automatically compute an invoice's dollar amount. It's an extremely popular format for professional firms, and this article walk you through how they work.

Time and materials (T&M) is a standard phrase in a contract for construction, product development or any other piece of work in which the employer agrees to pay the contractor based upon the time spent by the contractor's employees and subcontractors employees to perform the work, and for materials used in the

It's a simple contract that says your hourly rate is $30 and you charge an extra 10 percent on any materials you purchase. It also says that your customer won't pay more than 80 hours worth of work and $1,000 in materials.

The key difference between the two lies in the way a contractor factors for profit. In a T&M contract, the contractor adds a markup rate to its costs. In a cost-plus contract, the contractor bills for actual costs plus a separate amount for profit, either a fixed fee or a percentage of the project's total cost.

Time and materials (T&M) contracts are used in construction when the project's scope isn't predetermined, making it difficult to agree on a fixed price and timeline for the contract. Instead, time and materials contracts allow for the flexibility of an as-we-go agreement.

To calculate a time and materials invoice, a contract needs to multiply the man-hours by the agreed-upon rate for each trade, and then add it to the materials costs (plus the markup, if contractually allowed).

Select an Invoice Template. Be sure to invoice your client as soon as the work's done.Add Products or Services. Add a separate line item for each product or service you're billing the client for.Find the Grand Total. Find the subtotal of all your line items.Include Important Details.Send the Invoice.Follow Up.

The industry-standard markup for time and materials contracts ranges between 15% and 35%. That means, if a subcontractor paid $1,000 to their vendor for lumber, the price for materials billed to the project budget could range between $1,150 and $1,350.

Time and materials contracts specify the scope of a project but are open-ended. They set out prices for materials and hourly rates for labor, and the client is billed at those rates for as many hours and as much material as is required to complete the project.

More info

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Pima Arizona Contractor's Time and Materials Log

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