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In this tutorial, Matt, a contracting officer, explains the concept of a time and materials contract. This type of contract is commonly used in construction and product development, where the company is paid for both the time and materials used. It is utilized when the project size or potential changes cannot be accurately estimated, in contrast to a fixed price contract. A time and materials contract, detailed in the Federal Acquisition Regulation Subpart 16.6, involves acquiring supplies or services based on direct labor hours at fixed hourly rates, including wages, overhead, expenses, and profit. It is recommended to use this contract type when the project scope is uncertain.
