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In this tutorial, Matt, a contracting officer, explains time and materials contracts (T&M). These contracts are commonly used in construction and product development when it's difficult to estimate project size or anticipate changes. Unlike fixed-price contracts, T&M contracts allow companies or employees to be paid for their time and the materials used. Governed by federal acquisition regulation subpart 16.6, T&M contracts involve payment for direct labor hours at fixed hourly rates, which encompass wages, overhead, administrative expenses, profit, and actual material costs. T&M contracts are recommended when project scope is uncertain.
