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content types defines the type of terms and condition there could be in a given contact in this video we will talk about three basic contact types fixed price cost reversible and time and material lets look at fixed price contract type first fixed price lets start with an example if we have all sorts of work and vivre on a single one petition for a price from the vendor we can go for a fixed price Buckland for example if you want to go for holiday package that the hotel is giving you a tree nice two days package and it includes few things and stores rest of the things and the given specification comes you comes to you with a fixed price so fixed price is a type of contract well scoop ofit is defined terms and conditions are defined and the value the money the buyer will pay is also fixed now in the fixed price contract what kind of rule a buyer can place now in the fixed price contract buyer has a clear visibility of his expenses so he knows the expense flow he least bothered about