The contract type with the lowest buyer risk is a Time and service Risk Register Statement of work Cost plus Firm fixed price The contract type with low seller risk is a Time and service Firm fixed price Statement of work Risk Register Cost plus The element of a valid contract addresses what both parties either give up or provide in an alternative work arrangement. Mutual consideration Competency Legality of purpose Acceptance Offer You are purchasing a known part in your project for the product you are manufacturing. What type of contract would you MOST likely use? Cost Incentive Time and Service Cost-Reimbursable Offer and Acceptance Fixed Price