Time and materials
A contract arrangement where the owner pays the contractor based on the actual time spent and materials used rather than a fixed price.
This arrangement offers flexibility for projects with uncertain scopes or durations, accommodating changes and adjustments as needed.
Used in a sentence
The time and materials contract allows for billing based on actual hourly labor and material costs.
Synonyms/variation
T&M
Stay updated on what’s happening in construction.
Subscribe to Blueprint, Procore’s free construction newsletter, to get content from industry experts delivered straight to your inbox.
Learn MoreLearn more about Time and materials
RIP Expense Reports: How PMs Can Leverage Tech for Precision Spend Management
Mismanaging money costs money. And across construction, random credit card swipes and stray receipts add to the mystery spending that disrupts budgets — and aggravates project mangers. Replace the randomness with cohesion and every aspect of project operations — including materials management, scheduling and budgeting — proceeds more smoothly. Today’s tech-enabled, AI-assisted tools for managing spend […]
What Happens When Data Drives the Business?
Construction has long been seen as a low-margin industry. But what if the real problem isn’t the margins—it’s how decisions get made? In episode 17 of The Power of Construction, we sit down with Indra Gutiérrez, President of Gutier, who’s transforming what’s possible when data drives business decisions. Starting with zero capital, she’s built a […]
How GCs Gain Control and Insight With Budget Tracking Tools
General contractors (GCs) operate on razor-thin margins. The unexpected can easily eat into their profits — or even mean taking a loss on a project. Fortunately, budget tracking tools are giving GCs greater control and insight, helping them protect their bottom line. With these types of tools in play, contracting firms gain the ability to […]
Using Standard Operating Procedures for Better Contract Management
Every construction project is different, meaning that GCs have to be continually agile and strategic about applying their experience. Major categories change from project to project, from the owner to the delivery method. Fortunately, that doesn’t mean the GC goes into the project blind: They have the contract to guide them. The contract documents should […]
How can we improve this glossary entry?
By clicking this button, you agree to our Privacy Notice and Terms of Service.