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In this tutorial, Matt, a contracting officer, explains the time and materials contract type, often utilized in construction and product development. This contract allows companies or employees to be compensated for their time and the materials used, particularly when project size or potential changes are difficult to estimate. It contrasts with fixed-price contracts. According to federal acquisition regulation subpart 16.6, these contracts facilitate the acquisition of supplies or services based on direct labor hours at specified fixed hourly rates, which encompass wages, overhead, administrative expenses, profit, and the actual cost of materials used. The tutorial continues with more specific guidelines on when to use this contract type.
