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Describe the four basic required sections in the contract. 

Part 1 (1/2 page) Who Bears the Risk? Explain what type of contract shifts risk more to the buyer than the seller and why a certain type of contract would be considered for a project. Cite at least one example. Part 2 (3 pages ) Preparation – Product under selection is Mobile Electronics. There are many different types of contracts. For this assignment, you will choose three contract types that might be used to meet your goals for procuring this product. If there is only one type of contract that you feel clearly suits this procurement, then choose two other types that would be tempting for a project manager to select in this situation. Deliverable Complete the following: Select three types of contracts that might be used in procuring your product. In other words, list three contract types that a project manager might use in this situation. Provide a concise summary of the benefits of each. Analyze the implications of each of three types of contracts for your procurement. If you were to proceed with this procurement project, what would be the benefits and drawbacks of each? Explain the type of contract you would use for the product specifications identified. Defend your decision by predicting how it would benefit your situation. Describe the four basic required sections in the contract.