I have the following question and would love some explanation:

Choosing the right type of contract is necessary for effective procurement management. There are several different contract formats available, and it's important to understand which party (contractor or owner) bears the risk in each.

(a) Who has the predominant risk in a Cost Plus Fixed Fee (CPFF) contract?

(b) Who has the predominant risk in a Fixed Price (or Lump Sum) contract?

(c) Name a contract type in which the risks and savings are shared