Firm Fixed Price Contract means a contract which provides for a price that is not subject to any subsequent adjustment as a result of the contractor’s cost experience in performing the contract. This type of contract places upon the contractor maximum risk and full responsibility for all costs and resulting profit or loss.
Firm Fixed Price Contract means a price that is fixed at the inception of a contract and is guaranteed for a specific period of time. A fixed-price contract may also contain an economic cost adjustment provision tied to a standard index. A firm, fixed-price contract is required between any FSMC and SFA in North Carolina. Under the firm, fixed-price contract, FSMC is required to perform the work described in the RFP/Contract for a firm, fixed-price to be negotiated prior to contract execution between the FSMC and the SFA. The firm, fixed-price will include all costs associated with fulfilling the contract’s Terms and Conditions. No additional costs will be allowed in conjunction with the contract with the exception of personnel costs as SFA personnel transition to FSMC personnel. The fixed-price is not subject to any adjustment on the basis of
Examples of Firm Fixed Price Contract in a sentence
This solicitation will establish a Firm Fixed Price Contract with the selected offeror utilizing simplified acquisition procedures in accordance with Federal Acquisition Regulation (FAR) Part 13.
CONTRACT TYPE The contract type contemplated for this solicitation is a Firm Fixed Price Contract.
For this procurement, ASLM will issue out a Firm Fixed Price Contract on its terms and conditions indicating the service provider’s quoted firm fixed price, scope of work, deliverables, timelines duration of contract and other instructions.
B.2 CONTRACT TYPE The District is contemplating executing a Firm Fixed Price Contract.
PERIOD OF PERFORMANCE (POP) The District contemplates awarding a Firm Fixed Price Contract.
More Definitions of Firm Fixed Price Contract
Firm Fixed Price Contract means a firm-fixed price contract that provides for a price that is not subject to any adjustment on the basis of a contractor’s cost experience in preforming the contract. However, prices are subjected to changes if they are explicitly included in the agreement.
Firm Fixed Price Contract means a contract whereby the price is fixed, not variable, for the entire life of the contract or until a set quantity of goods or services is delivered.
Firm Fixed Price Contract means a fixed price contract that provides a price that is not subject to adjustment because of variations in the contractor's cost.
Firm Fixed Price Contract means a type offixed-price contract that gives a contractor full responsibility for costs and resulting profit or loss. For example, as described in 48 C.F.R. § 16.202 (2019) of the Federal Acquisition Regulation, “a firm-fixed-price contract provides for a price that is not subject to any adjustment on the basis of the contractor’s (vendor’s) cost experience in performing the contract. This contract type places upon the contractor maximum risk and full responsibility for all costs and resulting profit or loss. It provides maximum incentive for the contractor to control costs and perform effectively and imposes a minimum administrative burden upon the contracting parties.” As described in this Publication, the method of procurement by sealed bids (formal advertising), requires use of a firm-fixed-price contract.
Firm Fixed Price Contract means a contract under which a contractor agrees to
Firm Fixed Price Contract. The contract is a Firm Fixed-Price Contract. The Contractor(s) is required to provide to the using agency supplies or services at the listed price(s) for the duration of the contract, and any extensions thereto.
Firm Fixed Price Contract means any contract which provides for a price which is not subject to and which does not authorize any subsequent adjustment as a result of the contractor’s cost-experience in performing the contract. This type of contract places, and shall be construed as such, upon the contractor the maximum risk for loss and the contractor shall bear full responsibility for all costs, foreseen or unforeseen, or any resulting profit or loss as a result of the performance of the contract.