A _____ is when a consulting firm bills the client for developing an application based on the amount of time and cost of materials to complete the work.
A)Cost-Reimbursable contract
B)Time and Materials contract
C)Fixed Price/Lump Sum contract
D)Cost plus fixed fee contract
E)Cost-plus-incentive-fee contract

Question

Quizplus · Accepted Answer

A Time and Materials contract is a type of contract where the consulting firm bills the client for the time and materials required to complete the work. The cost of the project is uncertain, as it can vary depending on the amount of time and materials needed to complete it. This type of contract is usually used when the scope of the project is not well-defined or when there is a high level of uncertainty about the final outcome.

A _____ Is When a Consulting Firm Bills the Client