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In this tutorial, Matt, a contracting officer, explains that a time and materials contract is typically used in construction and product development when it is difficult to estimate the project size or potential changes. Unlike fixed price contracts, time and materials contracts involve payment based on the time spent and materials used. This type of contract is detailed in the federal acquisition regulation subpart 16.6 and includes direct labor hours, fixed hourly rates, overhead, expenses, profit, and material costs. Time and materials contracts should be used when the project scope cannot be accurately predicted.
