Firm Fixed Price Method Clause Samples

The Firm Fixed Price Method clause establishes that the price for goods or services under a contract is set at a predetermined, unchangeable amount. This means that regardless of actual costs incurred or fluctuations in market prices, the contractor is paid the agreed-upon sum for completing the specified work. For example, if a contractor completes a project for a fixed price, they bear the risk of any cost overruns but also benefit from any cost savings. The core function of this clause is to provide cost certainty for both parties and allocate the risk of cost increases to the contractor, thereby simplifying budgeting and financial planning.
Firm Fixed Price Method. 1. The CONTRACTOR and AGENCY may mutually agree on a fixed amount as the total compensation for the performance of changed work. 2. Any adjustments to the Contract Price using the Firm Fixed Price Method shall include, when appropriate, all reasonable costs for labor, equipment, material, overhead and profit. Such overhead and profit shall be calculated in accordance with provision 15.04(b) (4) F. 3. Whenever the AGENCY authorizes CONTRACTOR to perform changed work on a Firm Fixed Price Method, the AGENCY’s authorization shall clearly state: a. Scope of Work to be performed; b. Total Fixed Price payment for performing such work.
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Firm Fixed Price Method. 1. The Contractor and City may mutually agree on a fixed amount as the total compensation for the performance of changed work. 2. The Contractor shall provide a detailed cost breakdown supporting the Contractor’s requested adjustment to Contract Price and any other financial documentation requested by the Engineer, as limited by paragraph 6.3
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Firm Fixed Price Method. For full and complete compensation for all work, materials, and services furnished under the terms of this Agreement, the CONSULTANT shall be paid a firm, fixed price amount for each PROJECT TASK ORDER. The firm, fixed price amount for a PROJECT TASK ORDER shall be based on estimated staff hours, direct labor rates, direct expenses, an overhead rate, and sub-consultant costs. The firm, fixed price amount for each PROJECT TASK ORDER shall not be exceeded unless the DEPARTMENT determines that there is a substantial change in scope, character, or complexity of the service from those originally negotiated for the PROJECT TASK ORDER. Appropriate costs to use as a guide in determining the firm, fixed price amount for each PROJECT TASK ORDER are the costs used by the CONSULTANT and the DEPARTMENT which are attributable to the specific work covered by this Agreement and allowable under the provisions of Subchapter E. Parts 31.105 and 31.2 of the current Federal Acquisition Regulation. These include the following: Salaries of the employees for time directly chargeable to work covered by the Agreement and salaries of principals for time they are productively engaged in work necessary to fulfill the terms of the Agreement.
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Firm Fixed Price Method. 1. The Contractor and County may mutually agree on a fixed amount as the total compensation for the performance of changed work. 2. The Contractor shall provide a detailed cost breakdown supporting the Contractor’s requested adjustment to Contract Price and any other financial documentation requested by the Project Representative. 3. Any adjustments to the Contract Price using the Firm Fixed Price Method shall include, when appropriate all reasonable costs for labor, equipment, material, Overhead and profit. Such Overhead and profit shall be calculated in accordance with provision 6.2
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Firm Fixed Price Method. When using the firm, fixed price method, the Parties agree that compensation and payment for full and complete compensation of all work, materials, and services furnished under the terms of this Contract, will be paid to the Consultant for each Project Task Order. The firm, fixed price amount for a Project Task Order shall be based on estimated staff hours, direct labor rates, direct expenses, an overhead rate, and sub- consultant costs. The firm, fixed price amount for each Project Task Order shall not be exceeded unless the City determines that there is a substantial change in scope, character, or complexity of the service from those originally negotiated for the Project Task Order.
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Firm Fixed Price Method. Upon completion, delivery and acceptance of all work contemplated under a PROJECT TASK ORDER, the CONSULTANT shall submit only one final invoice statement for the balance of the firm, fixed price amount. At such time, payment of 100% of the firm, fixed price amount, less the total of all previous payments, shall be paid by the DEPARTMENT to the CONSULTANT. Except as may be changed by the provisions of SECTION 19, SUBSTANTIAL CHANGES, the maximum total compensation payable under any PROJECT TASK ORDER will not exceed the estimated total costs as described in the PROJECT TASK ORDER and attachments. The CONSULTANT agrees that acceptance of this final payment for the applicable PROJECT TASK ORDER as well as for this Agreement shall be in full and final settlement of all claims arising against the DEPARTMENT for work done, materials furnished, costs incurred, or otherwise arising out of this Agreement and shall release the DEPARTMENT from any and all further claims of whatever nature, whether known or unknown, for and on account of said Agreement, and for any and all work done, and labor and materials furnished, in connection with same. The rate of compensation for work performed on this PROJECT by a professional staff member or employee of the CONSULTANT shall not exceed the salary rate of such person that is applicable to that person’s other activities for the CONSULTANT. Charges for salaries and wages of individuals shall be supported by time and attendance and payroll distribution records. Expense for travel outside the State of Georgia shall not be an allowable direct cost under this contract unless such travel is listed in the budget estimate in the Fee Schedule or approved in writing in advance by the GDOT. In addition, direct allowable costs for travel within the State of Georgia shall be limited to the amount included in the Fee Schedule, unless prior written approval is obtained from the GDOT for increasing such amount. This approval by the GDOT shall not change the total estimated cost as specified herein.
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Related to Firm Fixed Price Method

  • Fixed Price An Authorized User Agreement shall be awarded on a fixed-price basis only. As such, the Contractor shall complete all project Deliverables indicated in the final negotiated Authorized User Agreement, without any increase in cost to the Authorized User. If the Contractor resources required to complete such work are more than the Contractor agreed to in the Mini-Bid, these additional resources must be provided to the Authorized User at no additional cost.

  • Measurement method An isolation resistance test instrument is connected between the live parts and the electrical chassis. The isolation resistance is subsequently measured by applying a DC voltage at least half of the working voltage of the high voltage bus. If the system has several voltage ranges (e.g. because of boost converter) in conductively connected circuit and some of the components cannot withstand the working voltage of the entire circuit, the isolation resistance between those components and the electrical chassis can be measured separately by applying at least half of their own working voltage with those components disconnected.

  • Billing Method 2.6.1 To receive payment for services rendered pursuant to this contract the Contractor shall submit a fully completed invoice for work previously performed to: 2.6.2 At a minimum, the invoice shall detail the following information: 2.6.2.1 Unique invoice number; 2.6.2.2 Contractor’s name, address, and telephone number; 2.6.2.3 Date of invoice and/or billing period; 2.6.2.4 Applicable Contract No.;

  • GSA Benchmarked Pricing Additionally, where the NYS Net Price is based upon an approved GSA Supply Schedule:

  • Purchase Price and Method of Payment The total purchase price to be paid for the property is $ , with a ten percent (10%) down payment, due on the day of auction, in the amount of $ to be paid concurrently to the escrow agent, CLAY COUNTY ABSTRACT AND TITLE, Clay Center, Kansas with the execution of this agreement.