Contract type is a key consideration in a procurement management plan.

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Contract type is an important consideration in a procurement management plan as it determines the legal and financial aspects of the procurement relationship between the buyer and the seller. Different types of contract, such as fixed-price, cost-reimbursement, time and material, and incentive contracts, have different risks and benefits and require different levels of administration and oversight. Choosing the right contract type can help mitigate risks and ensure the project objectives are met.

Contract Type Is a Key Consideration in a Procurement Management