What is PFT (prints for time)?
from the Models Guide
Sometimes also called time for prints (PFT, or TFP), it is a co-operation for mutual benefit: The model puts in her/his time, resources and effort, and the photographer does the same. No money changes hands. Both, the model and the photographer cover their own expenses and benefit from each other's skills and talents. (grey area, so YMMV)
As the name suggests, the model's fee consists of photographic prints. If the model receives digital images instead of prints, it is called TFCD, or time for CD.
Other terms you may come across are test, testing, test shoot - but this is not really the same, so check the details before agreeing to anything.
Prints for time also means that nobody has commissioned the photographer to take the photographs. The photographer does what is termed personal work.
Prints for time is meant to be a low budget affair. More often than not, the model will be required to do her (his) own hair and make-up, and supply her (his) own clothes.
Approach a prints for time shoot with professionalism. It is not just a laugh. Treat it as work, not a bit of fun. Of course, you are allowed to have fun at work ...
Remember that you are a partner in the project. There has to be a fair balance of responsibilities. Don't expect the photographer to do all the work and do not expect the photographer to treat the shoot simply as a free portfolio shoot for you.
You, the model, do not only have the right to prints, but also the responsibility to put all your efforts, imagination, creativity and heart in it. The photographer, too, must get something out of a prints for time shoot.