time and lime

noun

A contract where the shipbuilder is compensated based on the actual time spent and materials used during the construction of a vessel.

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Meanings

noun
  1. datedbusinessA contract where the shipbuilder is compensated based on the actual time spent and materials used during the construction of a vessel.

    Naval building may also be assumed to be generally profitable since so much of it has the character of prototype construction and tends to be on 'time and lime'.

    1967, Blackwell (publisher), The Journal of Industrial Economics, volume 17, page 13
Cite this entry
APA

time and lime. (n.d.). In WatkinsX Dictionary. Retrieved November 4, 2026, from https://dictionary.watkinsx.com/word/time%20and%20lime

MLA

“time and lime.” WatkinsX Dictionary, https://dictionary.watkinsx.com/word/time%20and%20lime. Accessed November 4, 2026.

Chicago

WatkinsX Dictionary, s.v. “time and lime,” accessed November 4, 2026, https://dictionary.watkinsx.com/word/time%20and%20lime.

Source: time and lime on Wiktionary, CC BY-SA 4.0.