Contract Types for PMP Exam | Fixed Price, Cost Reimbursable, Time & Material #pmpizenbridge

Hi, I’m Saket Bansal, and in this video, I’ll guide you through one of the critical topics for your PMP certification—Contract Types. Understanding how to choose the right contract type is key to handling procurement, risk, and change control effectively in project management. We'll dive into the three main types of contracts: Fixed Price, Cost Reimbursable, and Time & Material, and explore when each is appropriate based on project scope, risk, and buyer-seller relationships. By the end of this session, you’ll gain clarity on how contract types impact procurement decisions and project outcomes. Whether you're preparing for the PMP exam or managing real-world projects, this knowledge is essential for success. For more free PMP resources, mock tests, and video-based questions, visit our YouTube channel or head to www.izenbridge.com/downloads. Have questions? Drop a comment, and I'll be happy to help! 00:00 Introduction 00:29 Contract 01:36 Client and Vendor Contracts 04:15 Project Manager Buyer or Seller 05:34 Contract Types 07:58 Fixed Price 14:51 Cost Reimbursable 22:38 Time and Material 32:49 Buyer Project Manager Role 38:17 Closing #PMPExamPrep #ContractTypes #ProcurementManagement #ProjectManagement #PMP