FIXED PRICE AGREEMENT BALANCE PROCEDUREFixed Price Agreement • November 29th, 2017
Contract Type FiledNovember 29th, 2017A 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.