John, a civil engineer, pays the heavy equipment provider an agreed-upon hourly rate and unit price for the various materials to be used. In the context of contract categories, this scenario is an example of a:
a. cost-plus-fee contract.
b. cost-plus-percentage contract.
c. fixed-price contract.
d. time and material contract.
d. time and material contract.
In atime and material contract, the buyer pays the provider for both the time and materials required to complete the contract. The contract includes an agreed-upon hourly rate and unit price for the various materials to be used.
Computer Science & Information Technology
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