TOPIC: How to proceed in cost reimbursable contract - sample question

Your firm awarded a cost reimbursable contract to a pharmaceutical company for some research related activity. Over time, a large number of changes have taken place on the project and it is difficult to keep track of the status of these change requests. What is the BEST alternative for a Project Manager in this case?

1. Terminate the existing contract and negotiate a new one with the seller
2. Capture all the change requests, along with their current status and follow the contract change control system
3. Terminate the existing contract and sign a similar one based on the same terms and conditions as the earlier one
4. Seek advice from the senior management of your organization

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Answer is 2 or B

answer is
(2)