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In this tutorial, Matt, a contracting officer, explains time and materials contracts, typically utilized in construction and product development. These contracts involve payment for the time spent and materials used during project development, especially when project scope or changes cannot be accurately estimated. Unlike fixed price contracts, time and materials contracts are governed by federal acquisition regulations (subpart 16.6), allowing for the acquisition of supplies or services based on direct labor hours billed at specified fixed rates that cover wages, overhead, administrative expenses, profit, and actual material costs. Such contracts are appropriate when project requirements are uncertain or likely to evolve.
