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Time and Materials Contract
Term Used Globally

Time and Materials Contract

Time and materials is a standard phrase in a contract in which the
buyer agrees to pay the provider based upon the work performed by the contractor’s employees and
subcontractors, and for materials used in the performance of the Assignment. This is opposed to a fixedprice
contract in which the buyer agrees to pay the contractor a lump sum for fulfillment of the contract no
matter what the contractor pays its employees, sub-contractors and suppliers.


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