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Welcome to Act Notes Tutorials! My name is Matt, a contracting officer who will be giving a quick tutorial on Time and Materials contracts. These contracts are typically used in construction and product development, where payment is based on time spent and materials used. They are used when project size or changes cannot be estimated, contrasting fixed price contracts. Federal Acquisition Regulation Subpart 16.6 outlines the details, including acquiring supplies/services based on direct labor hours and fixed hourly rates. Use Time and Materials contracts when project uncertainty exists.
