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In this tutorial, Matt, a contracting officer, explains time and materials contracts, typically utilized in construction and product development. This contract type involves payment for both the time spent and materials used, helpful when project size is uncertain or changes may occur during development. Unlike fixed price contracts, time and materials contracts adhere to federal regulations (subpart 16.6), allowing the acquisition of supplies or services based on direct labor hours at fixed hourly rates that encompass wages, overhead, administrative expenses, profit, and material costs. Such contracts are ideal when the scope of work cannot be accurately estimated.
