Time & material contract (T&M) also called labor & material, although often used in the same sense as cost-plus, T&M should be distinguished from it in this way: the builder adds overhead, profit, and labor burden to the tradesmen’s hourly labor rate and charges for all of the hours that it takes to complete the project plus material, subs, and miscellaneous. T&M contracts are typically used for handyman services, building maintenance, and very small jobs because much of the work will require on-site problem solving, discussion, and running for materials; the client will often add to the work in progress; and the job may not justify a pre-work site visit or developing job documents. Although not common, T&M is sometimes used on larger jobs.
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