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In this tutorial, Matt, a contracting officer, explains the time and materials (T&M) contract type, commonly used in construction and product development. A T&M contract compensates for labor time and materials used, making it ideal for projects with uncertain scope or potential changes. This contract contrasts with fixed-price contracts. According to the Federal Acquisition Regulation Subpart 16.6, T&M contracts are used for acquiring supplies or services based on direct labor hours at specified fixed hourly rates, which cover wages, overhead, general expenses, and profit, along with actual material costs. T&M contracts are advisable when project specifics cannot be accurately estimated.
