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Fixed-price contract lost me $4k on a basement job, switched to T&M mid-project
Back in March I bid a basement waterproofing job in Columbus at a flat rate to beat out two other guys. Halfway through, we hit clay soil and a hidden spring line that added three full days of digging. I ate the labor and materials, but the customer kept saying 'that's what you quoted' every time I asked for more. After that job I switched to time-and-materials with a not-to-exceed cap for any excavation work. Last month on a similar basement in Dayton, the extra rock layer cost them $1,800 but I got paid fair for every hour. Has anyone else pulled the trigger on T&M after a fixed-price nightmare, or do you still bid lump sum to stay competitive?
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