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Welcome to Act Notes tutorials, where Matt, a contracting officer, will provide a tutorial on time and materials contracts. Time and materials contracts are typically used in construction and product development, where the company or employee is paid for their time and materials used. This type of contract is used when project size cannot be estimated or changes are expected during development, unlike fixed-price contracts. The federal acquisition regulation subpart 16.6 outlines details for time and materials contracts, which involve direct labor hours with fixed hourly rates covering wages, overhead, expenses, profit, and material costs. Time and materials contracts are ideal when project scope is uncertain.
