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In this tutorial, Matt, a contracting officer, provides an overview of time and materials contracts. This type of contract is used in construction and product development when the size of the project or potential changes cannot be estimated. Unlike fixed price contracts, time and materials contracts specify payment for the time worked and materials used. The Federal Acquisition Regulation subpart 16.6 outlines that these contracts include direct labor hours at fixed hourly rates. Time and materials contracts are ideal for situations where project scope is uncertain.
