labor and materials (time and materials)

Definition from Nolo’s Plain-English Law Dictionary

What some builders or repair people contract to provide and be paid for, rather than a fixed price or a percentage of the costs. In many states, if the person performing the work is not a licensed contractor, he or she is limited to labor and materials in any lawsuit for contract payment, and may not receive a profit above that amount.

Definition provided by Nolo’s Plain-English Law Dictionary.