What is another word for cost-plus contract?
Pronunciation: [kˈɒstplˈʌs kˈɒntɹakt] (IPA) 
A cost-plus contract, also known as a cost-reimbursement contract, is a type of agreement in which the client pays a contractor based on the total cost of materials, labor, and overhead, plus a percentage markup for profit. There are several synonyms for this type of contract, including time and materials (T&M) contract, cost-plus-fixed fee (CPFF), and cost-plus-incentive fee (CPIF). A T&M contract is similar to a cost-plus contract, but the client has more control over the project's budget. A CPFF contract includes a fixed fee for the contractor in addition to reimbursed costs, while a CPIF contract provides incentives for the contractor to complete the project under budget and ahead of schedule.
