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Welcome to ACT Notes Tutorials! I'm Matt, a contracting officer, here to explain the Time and Materials contract type. This contract is commonly used in construction and product development, where payment is based on both hours worked and materials used. It's ideal when project size or changes are hard to estimate, unlike fixed price contracts. The Federal Acquisition Regulation outlines this contract's specifics, including direct labor hours at fixed rates covering wages, overhead, expenses, profit, and material costs. Time and Materials contracts are best suited for projects with uncertain scope or unpredictable changes.
