Question: 1. Regarding contracts, explain what time and material contracts are, and describe where they fall in terms of buyer risk versus seller risk. Why is

1. Regarding contracts, explain what time and material contracts are, and describe where they fall in terms of buyer risk versus seller risk. Why is unit pricing an important factor in this? 2. Referring to contracts, explain the different types of cost-reimbursable contracts. Be detailed and thorough on each one. If you use an acronym make sure to spell it out as well.

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