A fixed price contract is a contract wherein a specified amount of money is promised in order to pay for the completion of a project or task. Fixed price contracts are commonly used in building/construction situations. The contract may either have a firm fixed price or, in certain cases, an adjustable fixed price where a maximum price and/or a target price are specified.
A fixed price contract is a contract wherein a specified amount of money is promised in order to pay for the completion of a project or task. Fixed price contracts are commonly used in building/construction situations. The contract may either have a firm fixed price or, in certain cases, an adjustable fixed price where a maximum price and/or a target price are specified.