Common Contract Types

Common contract types include: 1. **Fixed-Price Contract**: A set price for specific work; if costs change, the contractor absorbs the difference. 2. **Cost-Reimbursement Contract**: Paid for actual costs plus a fee, suitable when costs are uncertain. 3. **Time and Materials Contract**: Pays for hours worked and materials used, common for projects with evolving scope. 4. **Unit Price Contract**: Payment based on predefined quantities of work, ideal for repetitive tasks. 5. **Blanket Contract**: An ongoing agreement covering multiple projects or services over time, providing flexibility and consistency.