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Question:
Based on the given information, what type of contract will Rosco Enterprises likely take for the work carried out by the subcontractor?
A
Fixed price
explanation
A fixed-price contract, also known as lump sum, is where the seller provides an estimate for the work, negotiates with the buyer, and commits to doing the work at that price. The seller has the greatest risk, because if the estimate was not good, they may end up with little to no profit.
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