A traditional contracting method where a shipyard bills the buyer for the exact labor hours and physical materials used to build or repair a vessel. Unlike fixed-price contracts, this arrangement places the financial risk of delays and material shortages on the buyer rather than the builder. It is typically used for complex refits or experimental designs where the final scope of work is impossible to estimate upfront.
Heard on the job
We're doing the hull repairs on time and lime, so make sure every foot of plate and every hour of welding gets logged.
Also heard as
- time and material