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Commonly Asked Questions about Fixed Fee Construction Contract Forms

A fixed-term employment contract template should include all of the following: Job title and description. Type and amount of compensation as well as any bonuses. Benefits, vacation time, and sick leave. Performance review criteria. At-will employment information when applicable. Term of employment and termination date.
Contract types The United States Federal Acquisition Regulation (FAR) provides for the following types of contract with a fixed price element: Firm-fixed-price contract (FAR 16.202) Fixed-price contract with economic price adjustment (FAR 16.203) Fixed-price contract with prospective price redetermination (FAR 16.205)
A fixed-price contract is a contractual agreement with a predetermined value for the goods or services provided. A fixed-price contract sets the terms of a project and establishes the price of goods or services. It outlines exactly what the seller is required to do and the sellers obligations for a firm price.
What to include in your fixed price contract. Name and contact information of the project owner and the contractor. Legal description of the property being worked on and a detailed description of the work to be completed. Completion date and date of final payment.
Examples of a fixed-price contract The purchase of inventory or office supplies for a specific price. The purchase of a vehicle or contract for vehicle repairs. Hiring an advertising agency to create a logo for a set price. Paying a company $4,000 to design a website.
Price agreements will vary based on the project and job, but some Information that is commonly found in a price agreement includes: A description of the products and pricing. Terms and conditions. Payment terms. Signatures of all parties.
Contractor/Architect Advanced Enterprise Pro. About A101-2017. A1012017 is a standard form of agreement between owner and contractor for use where the basis of payment is a stipulated sum or fixed price.