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In this tutorial, Matt explains that a time and materials contract is often used in construction and product development, where the company or employee is paid for their time and the materials used. This type of contract is used when the project size or changes cannot be estimated, unlike a fixed price contract. The Federal Acquisition Regulation Subpart 16.6 details a time and materials contract as acquiring supplies or services based on direct labor hours at fixed hourly rates, including wages, overhead, expenses, profit, and material costs. This contract type should be used when the project scope or changes are uncertain.
