$7.$ As a project manager and PMP candidate, you need to recognize the characteristics of each contract type. Here$$s a quick table listing the seven contract types. Write a quick description of each contract type to help you remember the contracts and their characteristics. In the final column, identify who carries the risk of cost overruns:

Contract Characteristic Risk Owner

Firm fixed price

Cost plus incentive fee

Fixed$-$price incentive fee

Fixed$-$price with economic price adjustment

Cost plus fixed fee

Time and material

Cost plus award fee