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Home| Questions|Q 75279
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Mahima Singh
Mahima Singh
Asked: August 23, 20222022-08-23T00:10:53+05:30 2022-08-23T00:10:53+05:30In: Construction Management

Discuss various types of contracts

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    1. Gursimran Kaur
      2022-08-23T22:04:17+05:30Added an answer on August 23, 2022 at 10:04 pm

      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.
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