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While having lunch with one of your fellow program managers, they tell you that in the next couple of weeks they are going into final

While having lunch with one of your fellow program managers, they tell you that in the next couple of weeks they are going into final negotiations with a new customer. They tell you that they are unsure of what type of contract would be best for their project. How would you describe the types of contracts to your colleague? Provide an example of a type of project where a fixed-price contract might be most appropriate and an example of a type of project where a cost-plus type of contract may be most appropriate

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