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Answer :
Final answer:
Contract type refers to both the contractual framework between project participants and the approach of the owner with respect to payment for the service or product provided by the seller.
Explanation:
The answer to the question is c. Both a. and b.
Contract type refers to both the contractual framework between project participants and the approach of the owner with respect to payment for the service or product provided by the seller.
For example, in construction projects, there are different contract types such as lump sum contracts, cost-plus contracts, and time and material contracts. These different contract types define how the project participants will collaborate and what payment terms will be applied.
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