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Your company had a contract to renovate a large auditorium of a multinational company for $650,000....

Your company had a contract to renovate a large auditorium of a multinational company for $650,000. There is a flexible due date to complete the renovation. Which type of contract to sign in this case?
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Answer #1

Lump-Sum or Fixed Price Contract Type is a sign in this case. Because in this case there is a fixed price amount for the renovation is given which is in lump sum contract that includes everything at a fixed cost in the starting and there is also Fixed time period if they do not complete the project in the fixed time period they can also have to bear penalty called liquidated damage for the late termination.

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