The biggest problem with Time and Materials can be over staffing. However, if there is mutual trust then T&M will generally provide better value. Quotes are bordering on impossible because there's almost never enough info.
I have my own building business established in 1977. I also project manage for others. In those cases the first thing I generally do is to dispose of the nose picking youth who struggles to find sufficient things of value to do. That's not only confined to youth sadly. In most general low to mid value projects it's quite clear that two decent men can get through as much work as more. It also means less opportunity for mindless chat which is where most time disappears.
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B****y Builders. 
B****y Builders.