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In this tutorial by Matt, a contracting officer, the concept of a time and materials contract is explained. This contract type is commonly utilized in construction and product development, allowing companies or employees to be compensated based on their labor and materials used. It is ideal for projects where estimating size or potential changes during development is challenging, contrasting with fixed price contracts. Guided by federal acquisition regulation subpart 16.6, a time and materials contract covers direct labor hours at predetermined fixed hourly rates—including wages, overhead, general and administrative expenses, and profit—alongside the actual cost of materials used. This contract should be chosen when project scope and changes are uncertain.
