Fixed-price contracts

Abstract

A Fixed-Price Contract (also referred to as a lump-sum contract) is a contract where contractors and clients agree to an unchanged set price for a project. (3)

Basic Elements of A Fixed-Price Contract

Types of Fixed-Price Contracts

1. Firm Fixed-Price Contracts: here the project's technical and marketp

2. Fixed-Price Incentive Contracts: here the project's technical and marketp

3. Fixed-Price Contracts with Economic Price Adjustment: here the project's technical and marketp

4. Fixed-Ceiling-Price Contracts with Price Redetermination: here the project's technical and marketp

5. Firm Fixed-Price Level-of-Effort Contracts: here the project's technical and marketp

• Big idea: describe the tool, concept or theory and explain its purpose. The section should reflect the current state of the art on the topic.

• Application: provide guidance on how to use the tool, concept or theory and when it is applicable.

• Limitations: critically reflect on the tool/concept/theory. When possible, substantiate your claims with literature.

• key references: (3-10), where a reader can find additional information on the subject.

References 1. https://www.projectmanager.com/blog/fixed-price-contract 2. https://www.levelset.com/blog/fixed-price-contract/ 3. https://www.coconstruct.com/blog/builders-use-fixed-price-construction-contracts-80-of-the-time