Time and Material is an engagement model in which the client pays based on actual time spent on a project and an predefined hourly rate.
Any types of the project but best fits to projects with not fully specified requirements.
Price, project plan and schedule defined before project start with clear scope of requirements.
Projects with well-specified scope of requirements.
Fixed price that depends on the size and configuration of the project team. Part time or full time involvement enable.
Long term projects with new requirements and ability to manage team size and budget.