Time & Materials (T&M)
Time and Materials is a project management structure in which the client pays for time and resources only. It's an agile development methodology.
A Time and Materials (T&M) contract is a common way for a business or individual to be compensated for their time and the materials used in the development of a product.
A time and materials agreement should include a fixed price for labor that includes wages, overhead, general and administrative expenses, as well as a markup for profit. The total cost of the materials, including freight, duties, and a normal profit, is usually between 15% and 35%.
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