noun
Meaning 1
A form of contractual compensation involving payment for materials used and at agreed rates for the those involved in performing the services.
Definition source: English Wiktionary via Wiktextract
Usage: idiomatic, uncountable
Topics: business
Examples
- The remodelling of the second floor will be fixed-price, but the repair work has to be on a time and material basis.
Meaning relationships
Synonyms: time and materials
Antonyms: none provided