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In this tutorial, Matt, a contracting officer, explains the time and materials contract type, commonly used in construction and product development. This contract type allows payment based on the time spent and materials used, making it ideal for projects with uncertain scope or potential changes during development. Unlike fixed price contracts, time and materials contracts, detailed in the federal acquisition regulation subpart 16.6, involve acquisition based on direct labor hours at specified fixed hourly rates that cover wages, overhead, administrative expenses, profit, and actual material costs. The tutorial outlines that such contracts are appropriate when project size or changes cannot be accurately estimated.
