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Explain the following types of contract in your own understanding i. Time and material – T &...

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General Management

Explain the following types of contract in your ownunderstanding
i. Time and material – T & M ii. Firm fixed price – FFP iii.Fixed Price Incentive Fee – FPIF iv. Fixed Price with EconomicPrice Adjustment contracts – FPEPA v. Cost Plus Fixed Fee – CPFFvi. Cost Plus Incentive Fee – CPIF   

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1 Time and material T M contract This type of contract has terms that determine the cost of project depending on the time in labour hours spent during project plus the material cost incurred This is more suitable when the time and material cost is likely to    See Answer
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