What does T&M mean in construction?
Short definition
T&M is a pricing method based on labor time, material costs, equipment, and agreed markups.
Longer explanation
Time and materials work is often used when scope is uncertain, urgent, or difficult to price as a fixed amount before work begins.
Example in context
“The project team reviewed the T&M during the construction phase.”
Common users
- Owners
- Architects
- Contractors
- Construction managers