Time & Material
You pay for hours worked, not outcomes delivered. The vendor takes no delivery risk; you take all of it.
Time & Material is the default engagement model for staffing agencies and most freelance contracts. You pay an hourly or daily rate; the vendor logs hours; the bill arrives monthly. There is no contractual deliverable, only contractual effort.
The model is honest in the sense that nobody pretends the vendor owns the outcome. It is also the worst-aligned of the common engagement models: the vendor’s incentive is to bill more hours, not to finish faster. Smart customers cap T&M engagements with a budget ceiling and a clear scope, which is essentially reinventing a Statement of Work without the legal teeth.
Wavect uses T&M for exploratory engagements where the scope genuinely cannot be defined upfront. We do not use it as a default. If a vendor pushes you toward T&M for work that has a clear deliverable, they are pushing the risk onto you.