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In this tutorial, Matt, a contracting officer, explains the time and materials (T&M) contract type, commonly used in construction and product development. A T&M contract allows payment for time spent and materials used, suitable when project size or potential changes are uncertain. Unlike fixed-price contracts, T&M contracts, as outlined in federal acquisition regulation subpart 16.6, are based on direct labor hours at specified rates, covering wages, overhead, administrative expenses, profit, and material costs. Matt emphasizes that T&M contracts are appropriate when project scope cannot be accurately estimated.
