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in todays video guys we would be learning about the different types of procurement contracts such as firm fixed price cost reimbursable and time and material contracts so if you are struggling to understand the different types of contracts such as fpif cpif cpaf in terms of what do they mean where are they used what are the key characteristics of such type of contracts then do watch this video till the end so in this video guys we will be solving some pmp style questions as well so this will form an important part of your pmp exam preparation okay so lets get started okay so when we talk of contract guys there are primarily three types of contracts right firm fixed price time and material and cost reimbursable now it is very important to understand the definition of these types of contracts in context of two things initial clarity of project scope and the risk impact of project cost on the buyer by initial clarity of project scope which we have in the x axis it means how clear or def
