AK General Contractor Practice Questions - Alaska General Contractor Exam

What is the difference between a 'fixed-price' and a 'time-and-materials' contract?

They are the same thing Fixed-price has a set total amount; time-and-materials pays actual labor rates and material costs plus markup Fixed-price covers only materials; time-and-materials covers only labor Time-and-materials is always cheaper

Correct Answer:

Fixed-price has a set total amount; time-and-materials pays actual labor rates and material costs plus markup

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