You are managing a software development project with a well-defined scope and clear requirements. The project is expected to proceed without significant changes. Which type of contract is most appropriate for this situation?
Time and Material
Unit Price
Cost Plus
Fixed Price
A Fixed Price contract is most appropriate in this situation. Fixed Price contracts are ideal when the project's scope and requirements are clearly defined and unlikely to change. This contract type sets a predetermined price for the entire project, providing cost certainty. The contractor assumes the risk of any cost overruns, making it suitable for projects with minimal risk of scope changes.
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