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Matt, a contracting officer, provides a tutorial on time and materials contracts, often used in construction and product development. In this type of contract, one is paid for their time and materials used. It is suitable when project size or changes are difficult to estimate, unlike fixed price contracts. According to federal acquisition regulations, time and materials contracts involve acquiring services based on direct labor hours at fixed hourly rates, including labor, overhead, expenses, profit, and material costs. Use this contract type when project scope is unclear.
