Question

Describe the three broad categories of contracts. Give examples of three different procurement circumstances where use of a contract from each category is appropriate.

Answer 1

1. Fixed Price -> Usually when product scope is defined

2 Unit Price ->As the name suggest you charge based on per unit

3 Cost-Reimbursable -> Here you provide the cost of infrastructure and share some incentive as %

You can find more details on the below-mentioned link, Hope it will help.

https://www.slideshare.net/ahmedelshaboury16/pmp-procurement-chapter-12