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In this tutorial by Matt, a contracting officer, time and materials contracts are explained. These contracts are typically utilized in construction and product development when the scope of a project is uncertain, making it difficult to estimate costs. Unlike fixed-price contracts, time and materials contracts allow payment based on actual labor hours at predetermined rates, which encompass wages, overhead, and profit, along with the actual cost of materials. According to the Federal Acquisition Regulation subpart 16.6, these contracts are suited for situations where project size or changes during development cannot be accurately predicted, ensuring flexibility in resource allocation.
