Time-and-Materials (T&M) and Labor-Hour (LH) Contracts
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Briefly, what are the cost and concepts behind using 1) time and materials and 2) labor hour contract types
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This solution helps with questions involving the costs and concepts behind time, materials, labor hour contract types.
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Time-and-Materials (T&M) and Labor-Hour (LH) contracts are forms of cost-reimbursement contracts used by the Federal Government, as well as other principals. These are useful when it is not possible to accurately estimate the extent or duration of the work or to anticipate costs with any reasonable degree of confidence when making the contract. These types of contracts are ...
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