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In this tutorial, Matt explains that a time and materials contract is commonly used in construction and product development when the project size is uncertain or changes may occur during development. This type of contract involves being paid for both time worked and materials used. It is different from a fixed price contract as the cost is based on direct labor hours and fixed hourly rates that include various expenses. Time and materials contracts are detailed in federal acquisition regulation subpart 16.6 and should be used when the project scope cannot be easily estimated.
