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FFPFirm Fixed Price

Firm Fixed Price - contract where price doesn't change regardless of costs.

Definition

FFP Firm Fixed Price - contract where price doesn't change regardless of costs.

FAR 16.202

Definition

Firm Fixed Price (FFP) contracts establish a price that doesn't change regardless of actual costs incurred. The contractor bears all cost risk but keeps any savings. FFP is used when requirements are well-defined and costs are predictable.

Official Source

FAR 16.202

Related Terms

  • Cost-Plus

    Contract reimbursing actual costs plus a fee.

  • T&M

    Time and Materials - payment based on labor hours and materials used.

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