Compare and contrast the different types of contracts that are available. Indicate which one of these you will use for this outsourcing project. Provide justification for your answer.

Many companies do not have the required personnel or expertise to develop the systems that they need.
Consequently, when these companies need new systems, they elect to outsource such projects to other companies that specialize in systems development. This process is known as procurement and involves the acquisition of goods or services from an outside source. The advantages associated with outsourcing include the availability of knowledge and expertise that might not be available internally, an increase in the revenue potential of the acquiring organization, and a reduction of time to market the final product.