Fixed-Price-Contract

1 Definition

Type of contract with a firm pricing arrangement established by the parties at the time of contracting. A firm-fixed-price contract is not subject to adjustment on the basis of the contractor's cost experience in performing the contract. Other types of fixed-price contracts (fixed-price contract with economic price adjustment, fixed-price incentive contract, fixed-price re determination prospective contract, and fixed-price re determination retroactive contract) are subject to price adjustment on the basis of economic the contractor's performance of the contract conditions or the contractor's performance of the contract.
defined by PCoE Oregon .Gov