Fixed Price Contract

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BSU: A firm fixed price contract provides for a payment to the University that is not subject to any adjustment on the basis of the University's actual costs incurred in performing and completing the contract, i.e., billings are not based on actual expenditures.

UAB: Contract that provides for a firm or, in some cases, an adjustable price. Fixed-price contracts with an adjustable price may include a ceiling price, target price, or both.