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- A firm fixed price contract is a type of contract where the contractor agrees to deliver a product or service for a fixed price, regardless of the actual costs or risks involved123.Examples of situations or items that may be suitable for a firm fixed price contract include123:
- When there is significant pricing competition or similar purchases to compare to1
- When the costs and uncertainties can be realistically estimated and addressed1
- Purchasing vehicles, office supplies, or inventory for a specific price23
- Paying a developer to build a website or a mechanic to repair a vehicle23
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Examples of situations in which a firm fixed price contract may be appropriate, according to FAR Subpart 16.202-2, include:
- When there is significant pricing competition.
- When there have been similar purchases made to compare pricing to.
www.upcounsel.com/firm-fixed-price-contractSome other examples of fixed price contracts are as follows:
- Purchasing vehicles for employees
- Purchasing office supplies
- Paying a developer to build a website
pmstudycircle.com/fixed-price-contract/Fixed-price contracts are commonly used for the procurement of specific goods or limited-scope services. Common business examples include, but are far from limited to: The purchase of inventory or office supplies for a specific price The purchase of a vehicle or contract for vehicle repairsironcladapp.com/journal/contracts/what-is-a-fixed-p… - People also ask
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