How many different types of contracts are commonly used in construction?

Question added by Mohammed Qaisar I PMP I MCIPS I MBA , Group Procurement Manager (Civil) , Al Ghurair Construction LLC
Date Posted: 2017/07/24

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by Mohammed Qaisar I PMP I MCIPS I MBA , Group Procurement Manager (Civil) , Al Ghurair Construction LLC

As per PMI we can classify the type of contracts into3 categories.

A. Fixed-price contract : 1. Firm Fixed Price Contract2. Fixed Price Incentive Fee Contract3. Fixed Price with Economic Price Adjustment Contract.

B. Cost-reimbursable contract :1. Cost Plus Fixed Fee Contract2. Cost Plus Incentive Fee Contract3. Cost Plus Award Fee Contract.

3. Time and Material Contract.

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