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In this video tutorial by Ahmad Adil from Costa Engineering, key commercial terms in contracts are discussed, focusing on the first term: the contract type. Various contract types exist, with fixed price contracts being the most common. This includes lump sum and remeasured contracts; in a lump sum contract, the value is fixed, while in a remeasured contract, the rates are set but the quantities are adjusted post-completion to determine the final value. Understanding the type of contract being utilized is crucial for the project or work package. Further details are promised in five additional lectures covering the various terms and conditions in contracts.