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In this tutorial, Matt, a contracting officer, explains the time and materials contract type, commonly used in construction and product development. This contract allows payment based on the time spent and materials used, making it suitable for projects where size and potential changes cannot be accurately estimated. Unlike fixed price contracts, time and materials contracts, as detailed in federal acquisition regulation subpart 16.6, cover supplies or services based on direct labor hours at predetermined fixed hourly rates that encompass wages, overhead, general administrative expenses, and profit, along with the actual costs of materials. Such contracts are ideal in scenarios of uncertainty or variability in project scope.
