Question: Three part question: (a) Define the differences between a Cost Plus contract and a Time-and-Materials contract. (b) Identify a situation where a Cost Plus contract

Three part question:

(a) Define the differences between a Cost Plus contract and a Time-and-Materials contract.

(b) Identify a situation where a Cost Plus contract would be most appropriate and why.

(c) Identify a situation where a Time-and-Materials contract would be most appropriate and why.

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