Free Time And Materials Invoice Template
This Downloadable Template Is Part Of Our Free Free Excel Construction Template Collection
From time to time, even the best-organized construction projects encounter unplanned challenges necessitating extra work. In these unexpected situations, it's often necessary to submit an request for additional payment, both for labor and materials to ensure contractors can get the work done quickly.
Feel free to use our free Time and Materials Invoice template to ensure you're keeping all the extras in order.
This interactive Excel file is pre filled with the formulas you need to start filling it out and utilizing it right away.
The Team At SINC
Unfortunately, not all construction projects proceed as planned and now and then it will be necessary to bill a little extra for unexpected work and supplies. This kind of billing is referred to as Time & Materials invoicing. A Time & Materials (T&M) invoice is submitted whenever work is needed to be done quickly and/or for unplanned reasons. For example, there may have been a freak hailstorm that smashed some panes of glass. The contractor can use T&M to purchase new panes and install then the same day. Otherwise, there would need to be either a change order to the initial contract or a drawn-out process to define the right way to proceed.
The obvious benefit for the contractor is the ability to avoid time-consuming and expensive preparation that would otherwise go into estimates, takeoffs, discovery, and contracts. Instead, they can simply order materials and start working right away. They also don't need to worry to much about turning a profit; if the contractor has set a sufficient margin for labor and materials, they can simply build and bill, and the profit will come as the work proceeds. Of course, this assumes the contractor is keeping tight tabs on expenses, tracking all materials being used and all tasks being completed.
T&M invoicing depends entirely on the parameters set forth by the contractors and owners before beginning the work. Usually, each party agrees to a labor rate, a max amount of hours per invoice, and a schedule for payments. Contractors generally want to receive payment as soon as possible, whereas owners will want to ensure the work they've been billed for has happened, that the materials billed were installed, and that the workmanship is at a good level. Assuming everyone adheres to their responsibilities, T&M invoicing can happen without a hitch.
This sample resource is provided to you free by SINC BUSINESS CORPORATION to help with your compliance efforts and includes no warranty as to its suitability for any particular task. It is only our opinion based on our experience and should not be considered legal advice.