Fixed price contracts establish a set price for the project, offering stability and clear budgeting but potentially bearing more risk for the contractor if costs exceed the agreed-upon price. Cost-reimbursable contracts, on the other hand, reimburse the contractor for the actual costs incurred plus an additional fee, providing more flexibility but potentially leading to higher costs if not managed effectively. These two contract types offer different risk and cost-sharing arrangements between the parties involved in the project.
Answer is B - Page 471 PMBOK 6th edition diamond point 3 / Page 191 PMBOK 7th edition last sentence in top paragraph
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