Contract Comparison & Decision Checklist

Answer the questions below to determine whether Time & Material or Fixed Price is right for your project

1. Project Requirements Clarity

How clearly defined are your project requirements?

Very unclear – we're still exploring what we need

Somewhat unclear – general direction but details will emerge

Mostly clear – we know most requirements upfront

Crystal clear – fully documented with no expected changes

2. Likelihood of Scope Changes

How likely are requirements to change during the project?

Very likely – we expect frequent changes and iterations

Somewhat likely – minor adjustments expected

Unlikely – requirements are stable

Very unlikely – locked and approved requirements

3. Budget Predictability Priority

How important is knowing the exact total cost upfront?

Not critical – flexibility matters more than cost certainty

Somewhat important – we have budget room for variation

Important – we need strong budget control

Critical – we must have a fixed total cost

4. Project Innovation Level

How innovative or experimental is this project?

Highly innovative – R&D or new product development

Moderately innovative – some new approaches needed

Standard approach – proven methods apply

Routine/repetitive – well-established process

5. Your Oversight Capacity

How much time can you dedicate to ongoing project oversight?

High – daily or weekly engagement is feasible

Moderate – regular check-ins are manageable

Limited – milestone reviews only

Minimal – prefer hands-off until delivery

6. Vendor Trust & Relationship

What's your relationship with the vendor?

New vendor – building trust through collaboration

Some history – generally trustworthy

Established partner – proven track record

Long-term partner – high trust, needs less oversight

Note: Negative scores favor Time & Material contracts. Positive scores favor Fixed Price contracts.

Contract Decision Checklist Results

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