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In this tutorial by Matt, a contracting officer, the concept of a time and materials (T&M) contract is explained. T&M contracts are typically used in construction and product development when the scope of the project or potential changes are uncertain. Unlike fixed-price contracts, T&M contracts allow payment based on actual labor hours at specified rates, incorporating wages, overhead, administrative expenses, and profit, as well as the actual costs of materials used. They are appropriate to use when project size cannot be estimated, making them suitable for projects with fluctuating requirements. The tutorial references the federal acquisition regulation subpart 16.6 regarding T&M contracts.
