Contract types are often associated with two broad categories: fixed-price contracts and cost-reimbursable contracts. Briefly identify the factors to consider when determining which type is most appropriate for a planned contract. (10 points)

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Fixed-price contracts are an agreement that makes the seller perform a scope of work based off the proposal, despite the actual cost incurred. This particular contract is a document that mandates the seller to encumber costs directly related to inflation and poor performance. A fixed-price contract would be a suitable decision when a company is provided an exact price, date, and location for a particular product to be delivered. The fixed-price contract allows all parties to be aware of all responsibilities upfront and provides a great way of doing business successfully.

Cost-reimbursable contracts represent an arrangement that compensates the seller for the costs that were incurred to perform the initial scope of work and the allocated fee that directly correlates to the revenue.