Time and Material contracts – commonly referred to as T&M contracts – are a type of business agreement in which the client pays for the labor time worked, along with the materials (if any) used by the contractor. This payment structure can be beneficial for both parties, as it provides an element of flexibility while also ensuring that all costs are laid out clearly. The key elements of these contracts include an hourly rate, a list of material costs, and an estimated timeline for the completion of the project. Through this trifecta, businesses are better able to plan ahead and manage costs, while contractors have the freedom to devote their skills to creating value for their clients. By embracing Time and Material contracts, businesses can benefit from greater control over the process and better task delegation – all without sacrificing quality!