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In this tutorial by Matt, a contracting officer, the focus is on time and materials contracts, commonly used in construction and product development. These contracts involve payment for labor and materials when project scope and changes are uncertain, contrasting with fixed-price contracts. According to federal acquisition regulation subpart 16.6, they allow acquisition of supplies or services based on direct labor hours at fixed hourly rates, which encompass wages, overhead, administrative expenses, profit, and material costs. Time and materials contracts are advisable when project estimation is challenging or when changes may arise during development.
