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I agree with tjl on spelling out the contract. That way there can never be a dispute on who said they would do what or what not to do.
And just to reiterate NEVER PUT IN THE AMOUNT that guesstimated. Because somehow they will come to believe that that is what it will come to.
Also, be sure there is never a time that you or your crew is not doing something productive. I have done a few T&M jobs and it seems as though the customer will sit and watch you work more closely. I'm not saying that on a contract job crew members don't work as hard but, what I am saying is the customer will closely monitor the people to be sure they are getting the best bang for their buck, and rightfully so.
The only reason I bring that up is to save yourself some headaches. Because if for some reason you don't hit that ballpark you gave out they will come back and say "joe was really kinda dragging his heels and I saw so and so taking alot of smoke breaks 2 days ago".
T&M can be a headache JMO.
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