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Time and materials

A contract arrangement where the owner pays the contractor based on the actual time spent and materials used rather than a fixed price.

This arrangement offers flexibility for projects with uncertain scopes or durations, accommodating changes and adjustments as needed.

Used in a sentence

The time and materials contract allows for billing based on actual hourly labor and material costs.

Synonyms/variation
  • T&M

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Learn more about Time and materials

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