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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Fixed Price Vs Time and Material Pricing Model, Compare T&M Contract with Fixed-Price Contract
Fixed price vs Agile (Time & Material) – which approach to choose for your software development?
Time and material vs fixed price: what to choose for your project?
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Fixed-Price vs. Time & Material - which to pick for your project?