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In this tutorial, Matt, a contracting officer, explains time and materials (T&M) contracts. T&M contracts are primarily utilized in construction and product development, allowing payment based on the actual time spent and materials used. They are preferred when the project's scope and potential changes are difficult to estimate, contrasting with fixed price contracts. According to federal acquisition regulations (FAR) subpart 16.6, T&M contracts cover supplies or services through direct labor hours at specific fixed hourly rates, encompassing wages, overhead, general and administrative expenses, profit, and the actual costs of materials. This approach ensures flexibility in project management when precise estimations are not feasible.
