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Fixed-price or lump-sum contract
A type of contract involving a fixed total price for a well-defined product. Fixed-price contracts may also include incentives for meeting or exceeding selected project objectives, such as schedule targets. The simplest form of a fixed price contract is a purchase order.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Business services
- Category: Project management
- Company: WSDOT
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