Fixed-Price Contract

A fixed-price contract is an agreement where the service provider agrees to deliver specified services or products for a predetermined price. This type of contract outlines the scope of work, deliverables, and payment schedule. Fixed-price contracts are essential for providing cost certainty and minimizing financial risk for the client. Regular project management and monitoring ensure that the work is completed within the agreed budget and timeframe, and any changes to the scope or deliverables are managed through formal change orders.