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In this tutorial by Matt, a contracting officer, the focus is on the time and materials contract type, commonly used in construction and product development. A time and materials contract involves payment for both labor and materials, suitable for projects where estimations are challenging due to potential changes during development. This contrasts with a fixed price contract. According to federal acquisition regulations (Subpart 16.6), these contracts allow for acquiring supplies or services based on direct labor hours at agreed fixed hourly rates, covering wages, overhead, administrative expenses, profit, and the actual costs of materials. It is advised to use such contracts when project scope is uncertain.
