A contractual agreement with a predetermined price or lump-sum fee for all services provided by the Contractor, including labor and materials.
A Fixed-Price Contract is a type of agreement where the contractor agrees to complete the project for a set price, regardless of the actual costs incurred. This type of contract provides cost certainty for the client and places the risk of cost overruns on the contractor. Fixed-price contracts are typically used when the project scope is well-defined and changes are minimal.
Contract where the price is set and not subject to change.
