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Fixed Price vs Day Rate

Updated: Feb 7, 2023

If you’re unsure of the options then this blog will hopefully clarify the way that pricing a job works.

Fixed price – Upcycle Interiors Limited will issue to the customer a fixed price quotation. This is a legally binding contract and guarantees that the price will not change, the quote will be quite detailed showing what is and isn’t included. If there are various parts to the job it will be broken down into phases with payments required when each phase is complete. Materials, labour, and any other items will be itemised so that the customer can understand how the final price is calculated. On a job consisting of various different aspects or trades the customer also has the option to add or omit any parts of the project to suit their budget. Generally speaking this is the best pricing method for all parties. Day Rate / Hourly – this is a method whereby the customer is simply paying for time (labour). Upcycle Interiors Limited will work as quickly and efficiently as possible but also maintain quality. The arrival time and finish time is recorded (on jobs spanning multiple days a time-sheet is kept) and all visits or return visits (and call backs) are paid for based on the time taken. This type of job is best suited to work that is difficult to quantify – where the overall scope of works cannot be defined or changes, where there are a number of unknown factors (or hidden items) or where the customer wants to take an active role in helping or supplying materials. This can also work well for jobs where UIL is providing a "labouring" service IE to other builders or DIY customers. For jobs that are painstaking or monotonous this pricing strategy could work well where a higher quality of finish is required. This method of pricing also works best for situations where UIL cannot control 100% of the aspects of the job or the to-do-list’ evolves over the course of the job, adding extra items to the list is not a problem. This is also the best pricing strategy for small handyman jobs which only take a matter of hours where a site visit to review the tasks and then going away to produce a written quotation would be inefficient use of time and possibly even take longer to prepare than the actual job itself. For this type of job UIL will issue a Schedule Of Rates before commencement, this clearly sets out all the fees and how the job will be calculated.

Whichever method you feel is best please feel free to contact UIl here to discuss your project. Click to book now

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