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In this video tutorial, the contracting officer, Matt, explains what a time and materials contract is. This type of contract is typically used in construction and product development, where the company or employee is paid for both their time and the materials used. This contract is used when the project size cannot be estimated or when changes are expected during development. Unlike fixed price contracts, time and materials contracts are detailed in federal regulations and include direct labor hours, fixed hourly rates, overhead expenses, and the cost of materials. This type of contract should be used when project costs cannot be estimated accurately.
