Under this type of contract,a payment or reimbursement is made to seller to cover the sellers direct and indirect costs along with an additional fee added on as a profit to the seller.
A)Cost-Reimbursable contract
B)Time and Materials contract
C)Fixed Price/Lump Sum contract
D)Cost-Penalty contract
E)Time-Reimbursable contract

Question

Quizplus · Accepted Answer

A cost-reimbursable contract is a type of contract where the buyer agrees to reimburse the seller for their direct and indirect costs incurred in the performance of the contract, as well as a specified fee on top of that. This type of contract is often used when the scope of work is uncertain or when the buyer wants more control over the project.

Under This Type of Contract,a Payment or Reimbursement Is Made