Does Time and Material justified for agile project?

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What is the incentive for the vendor to deliver good quality product in lesser time? Most of the time agile projects have time and material contracts. This does not give good incentive to the vendor to perform well. If project gets closed early vendor looses billing.
There are benefits of earned goodwill. But this does not last for long time. Customer organization can have changes and all the good will is lost. There should be additional incentives for delivering early and better product. How to quantify these benefits? This is a tough job. One way out is taking average time taken by industry for a similar complexity project. Based on this number incentive can be calculated based on the ROI expected. This will be a win win situation for customer and vendor?

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