Final answer:
The three types of software project contracts are Fixed Price, Time and Materials, and Agile.
Step-by-step explanation:
In software projects, there are several types of contracts that exist. One common type is the Fixed Price contract, where the client and the software development company agree on a fixed price for the project. This type of contract is suitable when the project requirements are well-defined and unlikely to change.
Another type is the Time and Materials contract, where the client pays for the development team's time and the resources used. This contract allows for greater flexibility and is often used when the project requirements are less defined or subject to change.
Lastly, there is the Agile contract, which is based on the Agile methodology. In this type of contract, the project is divided into smaller iterations or sprints, and the client pays for each iteration. This contract is ideal for projects where flexibility and the ability to adapt to changing requirements are critical.