Types of Project Contracts

Your textbook describes several types of contracts including the following:

Fixed-price
Cost-reimbursable
Cost plus incentive fee (CPIF)
Cost plus fixed fee (CPFF)
Cost plus award fee (CPAF)
Cost plus percentage of costs (CPPC)
Time and material
Select any two of the contract types and explain how they work, if the buyer or seller assumes more risk. Describe the advantages and disadvantages of each type of contract from the project manager’s perspective. Then, explain what the ideal situation or project for would be each type of contract, and why. Must be 200 words

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