T&M contract proposals

CFO,

Think of the basics of contracts -- was there a valid offer and a valid acceptance?  If a prospective subcontractor offered a hourly rate, and the other party (prime contractor) accepted the offer, then a contract is formed, right?

we were teaming among many with no guarantee of work and there is no signed subcontract with fixed T&M rates stated.  We submitted multiple rates and we were asked to reconfirm them a few times and I believe there was a good through date specified.  They are now actually providing a few positions after a long Covid delay hindering the contract starting.

I believe that you and your customer should now negotiate a written contract with acceptable terms and conditions including price. Your reconfirming of price during the Pandemic may have created the impression that neither the Pandemic nor passage of time nor anything else had any significant affect on your prices.