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In this tutorial by Matt, a contracting officer, a time and materials contract is explained. This contract type is commonly used in construction and product development, where payment is based on the time spent and materials used, particularly when project size and potential changes cannot be estimated. This stands in contrast to fixed-price contracts. According to the federal acquisition regulation subpart 16.6, it covers acquiring supplies or services through direct labor hours at specified fixed hourly rates, which encompass wages, overhead, administrative expenses, profit, and actual material costs. Such contracts are applicable when project scope is uncertain.
