Labor and materials (time and materials)

{
  "id": "MLC-T-LAW-002904",
  "term": "Labor and materials (time and materials)",
  "field": "Law",
  "definition": "A common contractual billing method where a contractor charges for the actual hours worked by their employees and the actual cost of materials used. This approach contrasts with a fixed-price contract, where the total cost is agreed upon in advance. It is frequently used for projects where the scope of work is uncertain or subject to change.",
  "url": "https://mlchart.com/terminology/law/labor-and-materials-time-and-materials/"
}