"For the record, I am referring to industrial and large commercial work."

Most of our industrial, and commercial work is contract, bid work, unless is was a service call, or contracted services, then we use T&M.

T&M can, and does produce income, when used with the right project, such as long term building maint. contracts, some building management will want a contract price, and others will accept T&M, so it's is not a cut and dry deal.