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Welcome to Act Notes Tutorials! My name is Matt, a contracting officer, and I will give you a quick tutorial on the Time and Materials contract type. This contract is typically used in construction and product development, where payment is based on time and materials used. It is ideal when estimating project size is challenging and changes are likely during development. Unlike fixed-price contracts, Time and Materials contracts are detailed in the Federal Acquisition Regulation Subpart 16.6. They involve direct labor hours at fixed rates, covering wages, overhead, expenses, profit, and material costs. Use this contract type when project scope is uncertain.
