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In this tutorial, Matt, a contracting officer, explains the concept of a time and materials contract used in construction and product development. This type of contract involves payment for both time and materials used in the project, typically used when the project size or scope cannot be accurately estimated. Unlike a fixed price contract, a time and materials contract detailed in federal acquisition regulation subpart 16.6 includes direct labor hours, fixed hourly rates, overhead costs, and material costs. This type of contract should be used when there is uncertainty about project requirements or changes.
