As a project manager 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: (5 points)

Contract Characteristics 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