Construction projects live and die by what’s written in the contract.
For subcontractors, who are closest to the work but often working within terms set by others, understanding the types of construction contracts is the key to protecting your margins and staying in control
Every jobsite has different needs. Some
In construction, time truly is money. Every lost hour, whether from missing timecards, inaccurate payroll, or mismanaged schedules, chips away at your margins. Outdated methods of tracking labor aren’t just inconvenient; they’re costly.
As the industry moves forward, so do the tools supporting it. Modern contractors are moving away from
In construction, every wasted dollar cuts directly into your profit margin, and poor cost control is often the culprit.
It’s a familiar story: a budget that misses the mark, labor hours that vanish into thin air, and hidden expenses that are bleeding your project dry. These minor miscalculations, when combined,
Overhead costs are silently draining your profits. Each untracked work hour, misplaced material order, or payroll error quickly accumulates. The worst thing is that most contractors have no idea how much money they are losing until it’s too late.
Untracked labor hours? Excessive administrative expenses? Poor job costing? These
Lost T&M tickets mean lost revenue. If you are relying on paper forms or slow approvals, you are leaving money on the table. Subcontractors do the work before approvals come through, but when tickets go missing or get disputed, that work can go unpaid, killing profit margins.
According to statistics,
Even with the rapid advancement of technology in the construction industry taking place, there are still some foundational areas that rely heavily on manual practices. One of those manual processes that 40% of US contractors regularly use is paper timesheets to track labor hours. It might be comforting for some
Choosing the best construction contract for your project can make a big difference for your bottom line and peace of mind. Cost-plus contracts and time and materials (T&M) contracts are two common construction industry options, each with its own pros and cons. The best choice depends on considering factors like
Many construction projects suffer low productivity. For the past 20 years, productivity in this sector has grown only by 1%. That’s quite low compared with the 2.8 percent growth of the entire world economy and 3.6% growth for the manufacturing sector.
Furthermore, a survey revealed that less than 25%
Starting a construction project involves navigating an unpredictable development process. Because the construction sector must make rapid adjustments when material expenses fluctuate and project requirements change, time and materials contracts serve as essential tools. There are various types of construction contracts, but time and materials contracts stand out for
