A Contractor Time and Materials contract is an agreement between a contractor and their client to complete a project for an agreed-upon configuration of time, materials, and tools. The contractor pays for the costs incurred during the project such as labor and material, while the client is responsible for covering the cost of any tools that are needed to get the job done. This type of contract allows the client and contractor to be flexible in terms of costs, allowing them to adjust based on changing market prices or other factors. This kind of agreement also gives the contractor more control over how long the project will take and allows them to report progress on projects quickly and accurately.