Discuss various types of contracts

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Asked: August 23, 20222022-08-23T00:10:53+05:30 2022-08-23T00:10:53+05:30In: Construction Management

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Gursimran Kaur · Answer 1 · 2022-08-23T22:04:17+05:30

Various types of contracts are:

Time and Material Contract ( T and M ): This is the type of contract which is used for the purchase of standard items, in this suppliers with manpower and materials are selected and are preferred.
Cost Reimbursable Contract ( CR ): This is the type of contract where the actual price is paid by the buyer that was incurred by the sellers as a fee or extra profit.
Fixed Price Contract (FP ): This is the type of contract that uses fixed prices after the work space gets defined clearly, and an understanding of the requirements is done.