Time and materials (T&M)

A payment arrangement based on documented labor time, materials, and other agreed charges rather than solely a fixed total.

Why it matters

Confirm rates, markups, authorization, tickets, and any ceiling. A signed field ticket may confirm resources recorded without approving every requested charge.

In practice

A project example

A repair crew submits daily labor and material records for reconciliation to agreed rates.

General educational guidance from KOW Building Consultants. Examples are illustrative, not project records. The applicable contract, standard, program, and jurisdiction control the requirements for a specific assignment.