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Glossary
Time-and-materials (T&M) contract
A time-and-materials contract pays fixed hourly rates by labor category for the hours actually worked, plus materials at cost, up to a ceiling; a labor-hour contract is the same without materials.
Labor category
A labor category is a defined job title in a contract or schedule, with minimum education and experience and a billing rate, under which hours are proposed and invoiced on services contracts.
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