Time and Material is an engagement model in which the client pays only for time and resources spent on the project. It supports an agile development process.
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Time and Material vs Fixed-Price Contract: What's the Difference?
Time And Material Vs Fixed Price Engagement Models
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Time and Material (T&M) Pricing Model for Business Software Solutions
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Time-and-Materials vs Fixed Price: Which is the best option for your project? - ITC Group
Time and Material vs Fixed Price: Considering the Best Model