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hello theres our friend Phil project-management train and coach today were going to be talking about contract types contract types are talked about in the PMBOK guide chapter 12 under procurement management twelve point one point one point six breaks down what exactly these contract types are on page 471 and page 472 so this is a very very quick review of the contract types the third bullet on page 471 starts off by talking about these contract types the three broad categories fixed price where the price for the contract is fixed cost reimbursable where the cost that I incurred and are allowable are reimbursed to the seller and last but not least time and materials which is like a hybrid of fixed price and cost reimbursable so lets talk about these contract types one by one under fixed price the first contract type there is FFP firm fixed price the firm fixed price contract is the most commonly used contract type the buyer loves it because once the price is fixed they know that the