A Time and Material (T&M) is a business model used when Gravelsoft provides to client best suited for short-term projects with small pipeline of scope. Gives clients the best flexibility from cost and time perspectives in partnership to software company.
When client and outsource provider work in Time and Material (T&M) model the projects are contracted for a defined or open-ended number of hours in order to provide clients a greater flexibility to manage the evolving requirement specifications on an ongoing basis. In T&M contracts, clients bill for the actual work scope that is based on hourly rates of labor (for example, a client pays a fixed hourly rate for the resources provided by a service provider). Clients are charged for the number of hours spent on a specific project, plus costs of materials. The main advantage of T&M model is flexibility and opportunity to adjust requirements, shift directions, replace features, and involve users to get the very product.