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English
Noun
time and lime
- (business, shipbuilding, dated) A contract where the shipbuilder is compensated based on the actual time spent and materials used during the construction of a vessel.
1967, Blackwell (publisher), The Journal of Industrial Economics, volume 17, page 13: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'.