What types of contracts do you know?

Main types of contracts in project management and procurement:

• Fixed Price: the price for the entire scope of work is fixed and does not change.
• Time and Materials: payment for actual time spent and materials used.
• Incentive Contract: a base price plus bonuses for achieving certain performance indicators.
• Cost-Reimbursable Contract: the client reimburses all incurred costs plus a fee to the contractor.

The choice of contract type depends on the degree of requirement certainty, risks, and project specifics.