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BigD - Drop me a line and catch me up on what's been going on by you.
A Time and Materials (T&M) type of contract will be the safest for you, but you're going to run into a different issue using that method - clients are going to want to know how much something is going to cost. Nobody can offer you a blank checkbook. Since you'll be subbing most of this out, it seems that having a hard price would be easier to do - submit the specs to your subs and get prices. Add on your percentage and you're set.
So long as the design plan doesn't change, the subs should expect to get paid what they bid and no more. Which reminds me, you'll want to get intimate with change orders; when to use them, how to use them.
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