GovCon Acronym Decoder
Government contracting runs on shorthand. Search any acronym and get a plain-English definition, when you will run into it, whether you need one, and where it comes from.
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3 of 172 terms matching "T&M"
Time and Materials
You bill fixed hourly labor rates plus the actual cost of materials, up to a ceiling. Used when the scope of effort cannot be estimated up front.
When you see it
On support services, maintenance, and emergent work.
Do you need it
Your labor rates carry your profit, so build them correctly. The government requires surveillance on T&M work.
Where it comes from
FAR 16.601.
Time and Materials
You bill fixed hourly labor rates plus the actual cost of materials, up to a ceiling. Used when the scope of effort cannot be estimated up front.
When you see it
On support services, maintenance, and emergent work.
Do you need it
Your labor rates carry your profit, so build them correctly. The government requires surveillance on T&M work.
Where it comes from
FAR 16.601.
Incurred Cost Submission
The annual submission of actual indirect rates and costs required on cost-reimbursement and T&M contracts.
When you see it
Six months after your fiscal year end, every year you hold covered contracts.
Do you need it
Yes if you have flexibly priced contracts. Missing it creates real contractual problems.
Where it comes from
FAR 52.216-7.
Related terms
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