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Welcome to Act Notes Tutorials! My name is Matt, a contracting officer, here to give you a quick tutorial on the time and materials contract type. This type is typically used in construction and product development, where companies or employees are paid for their time and materials used. Time and materials contracts are preferred when project size or changes are hard to estimate, unlike fixed-price contracts. Detailed in Federal Acquisition Regulation Subpart 16.6, these contracts involve acquiring supplies or services based on direct labor hours at fixed hourly rates, including wages, overhead, expenses, profit, and material costs. Use time and materials contracts when project scope is unclear.
