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In this tutorial, Matt, a contracting officer, explains time and materials contracts, commonly employed in construction and product development. Such contracts compensate for both labor and materials when project scope and changes are difficult to estimate, differing from fixed-price contracts. According to the Federal Acquisition Regulation subpart 16.6, these contracts involve acquiring supplies or services based on direct labor hours at set hourly rates, which encompass wages, overhead, administrative expenses, profit, and the actual cost of materials. A time and materials contract is appropriate when project size and potential changes cannot be accurately projected.
