Aptly named, a Time and Materials budget is one where the client pays for the time and materials on a project. You as the Project Manager have estimated the amount of time and materials required to build the thingamabob, and you give them a number. The client agrees with that number, and pays you the money in a lump sum (or increments).
This is awesome for setting clear expectations. However, it can be easy to work yourself into a corner if you've been too specific in your estimate. If changes need to happen, you don't have any wiggle room without a potentially lengthy discussion with the client.
#DPM #toolong #zt