Common Contracts
1 similar Fixed Price Agreement contracts
FIXED PRICE AGREEMENT PROCEDUREFixed Price Agreement • October 10th, 2023
A fixed‐price agreement is an agreement where the sponsoring agency pays a firm price for the agreed‐upon work, regardless of the ultimate cost to complete the project. There is a level of risk involved in these types of agreements because the institution must complete all work, even if there are cost overruns. However, the institution may retain any unexpended balance that remains after the contracted work is complete.
