What time and materials means
Time and materials billing charges for the actual hours worked at an agreed rate plus the cost of materials, usually with a markup.
Also called T and M, T&M.
Where it shows up in your business
It suits jobs with unknowns, like old house repairs. Customers worry about open ended bills, so pair it with a not to exceed number and regular updates.
Work it out
- Free template: Time and materials contract template
- Money guide: Flat rate vs time and materials
- Money: Money guides for contractors