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Air Force Institute of TechnologyAFIT Scholar Theses and DissertationsStudent Graduate Works3222012Firm Fixed Price and Cost Plus Fixed Fee Construction Contracts in Iraq and Afghanistan Lindsay M.
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Understand the scope of work and deliverables outlined in the contract.
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Determine the total cost for performing the work based on the agreed upon price per unit or lump sum.
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Fill out the firm fixed price contract form with the project details, including scope of work, price, duration, and payment terms.
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Government agencies often use firm fixed price contracts to procure goods and services from contractors.
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Firm fixed price is a type of pricing arrangement used in contracts where the price is set and not subject to change over the life of the contract, regardless of incurred costs.
Typically, contractors and vendors who enter agreements with government entities or certain businesses that require fixed-price contracts are required to file firm fixed prices.
To fill out a firm fixed price agreement, parties must provide detailed information including the scope of work, pricing structure, deliverables, timelines, and any terms and conditions of the contract.
The purpose of firm fixed price is to provide predictability and budgetary control to both parties by locking in the price for specified deliverables, encouraging efficiency and cost management.
Information that must be reported includes the agreed price, description of services/products, delivery terms, and any stipulations or conditions that govern the agreement.
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