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Firm fixed-price contract

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Definition Edit

A firm fixed-price (FFP) contract

provides for a price that is not subject to any adjustment on the basis of the contractor's cost experience in performing the contract. This type of contract places on the contractor maximum risk and full responsibility for costs and resulting profit or loss.[1]

References Edit

  1. Information Management: Challenges in Implementing an Electronic Records Archive, at 4 n.3.

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