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What is a time and materials contract? We interact with TNM work authorizations all the time. But what is the best way to manage this process. In this video, I will discuss the TNM contract, and some tips and tricks for you to better manage the process. So stay with us. So a TNM contract is a type of construction contract where the owner pays the contractor for the hours spent and the materials used for the project. This type of contract is typically used when the scope is kind of uncertain and its really challenging to identify a fixed price. So when youre using a TNM contract, you should know the key features. So here we go. Number one, hourly rates, the contractor will specify hourly rates or wage rates early on in the project, when you are establishing a prime agreement. So those standard wage rates will already be established. Different positions will have different rates. But basically, you have to do your TNM based on agreed upon standard hourly rat
