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In this tutorial, Matt, a contracting officer, explains the time and materials contract type, commonly utilized in construction and product development. This contract allows payment based on the actual time spent and materials used, ideal when project size or potential changes are uncertain, contrasting with fixed price contracts. According to the Federal Acquisition Regulation Subpart 16.6, these contracts involve acquiring supplies or services based on direct labor hours at predetermined hourly rates, which encompass wages, overhead, administrative expenses, and profit, along with the actual cost of materials. A time and materials contract is recommended when precise project estimations cannot be made.
