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In this tutorial by Matt, a contracting officer, the concept of a time and materials contract is explained. This type of contract is typically utilized in construction and product development when the scope of the project is uncertain and cannot be accurately estimated. Unlike fixed price contracts, time and materials contracts allow for payment based on the actual time spent and materials used, accounting for direct labor hours at specified fixed hourly rates, which include wages, overhead, administrative expenses, and profit. This type of contract is governed by federal acquisition regulations, specifically subpart 16.6, and is appropriate when project changes may occur during development.
