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Certified Associate in Project Management · PMI
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- Time and Materials (T&M) contracts are hybrid arrangements that combine elements of both fixed-price and cost-reimbursable contracts. They are most suitable when the scope of work cannot be precisely defined, such as staff augmentation or support services. T&M contracts pay an agreed-upon rate per hour or per unit, providing flexibility as the scope evolves. However, they carry risk for the buyer since the total cost is open-ended.