Differences in fixed-price and time-and-materials contract

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What are the differences among a fixed-price contract, a time-and-materials contract, and a reimbursable contract in terms of how well defined a contract needs to be relative to price, scope, and schedule prior to the commencement of any work? How much control over the project scope, price, and schedule should the contractor have under each contract type.

Reference no: EM131745789

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