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thanks for the invitations , the options are not provided
In my opinion
The Time & Materials (T&M) contract is the riskiest one for the buyer, because if the project costs are much higher than the original estimates, the buyer has to swallow them, while the seller keeps getting paid for the time worked.
Thanks for the invitation.
CPAF - Cost Plus Award Fee type of contract pose most ( cost ) risk to the buyer out of the given options.