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How many types of contracts are used in project management, and which ones seem most fair and lucrative? Are there any that are more risky than others?

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Solution Summary

This solution discusses the different types of contracts that project managers use to negotiate deals. Some are risky, others conservative.

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There are 9 different types of contracts: oral agreements, firm fixed price, fixed-price with economic price adjustment, cost-reimbursement, incentives defined, fixed-price incentive, cost-plus-incentive fee, cost-plus-award, and time-and-materials. Each has its own way of impacting risk with the riskiest for buyers being the cost-reimbursement contract and sellers, firm fixed ...

Solution provided by:
Tamara Daniels, MS
Education
  • Master Online Teacher Certificate, University of Illinois
  • MS, National Louis University
  • MA, National Louis University
  • BA, University of Illinois
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