AtelcoInc., a hardware firm, orders 50 laptops with the same configuration. In the context of contract categories, this scenario is an example of a:
a. cost-plus-fee contract.
b. cost-plus-percentage contract.
c. fixed-price contract.
d. time and material contract.
c. fixed-price contract.
In afixed-price contract, the buyer and provider agree to a total fixed price for a well-defined product or service. For example, the purchase of a large number of laptop computers with specified capabilities and features frequently involves a fixed-price contract.
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