Might mean (unverified): Payment based on actual costs.
Definitions Related words Mentions
We found 2 dictionaries that define the word time and material:

General (1 matching dictionary)
  1. time and material: Wiktionary

Business (1 matching dictionary)
  1. Construction Term Glossary (No longer online)

Definitions from Wiktionary (time and material)

noun:  (idiomatic, business) A form of contractual compensation involving payment for materials used and at agreed rates for the those involved in performing the services.

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