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hello and welcome to BMG lounge comm today we are discussing contract and its types so there are three types fixed price cost reimbursable time and materials you should know these from PMP point of view this makes up an important topic in the procurement management knowledge area it is even more important to know this topic if you have never done procurement on your real life projects a lot of PMB aspirants come from software development background where you may not have to do any kind of procurements thus it is important to understand this topic now if you are into reading articles first link in the description is going to take you to an article on this topic over at our official website PMC Lounge comm also second link as always is going to contain an entire playlist of every single video that we have done on procurement management knowledge area alright lets get started alright so lets start off our discussion with a definition of contract contract represent a mutually binding leg