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Fixed-Price Contract

A contract where a single, fixed price is agreed for a clearly defined scope of work, and payment stays the same regardless of the actual costs or effort required to deliver it.

Key Points

  • Price is set upfront and does not change with the seller's actual costs or effort.
  • Best suited when scope, specifications, and deliverables are stable and well-defined.
  • Cost overrun risk is largely on the seller; the buyer gains predictable total cost.
  • Scope changes require formal change control and may lead to a negotiated price adjustment.

Example

A company hires a vendor to build a website for a fixed price of $120,000 based on a detailed requirements document. Even if the vendor spends more time or money than planned, the buyer still pays $120,000 unless an approved change request modifies the scope and price.

PMP Example Question

Which contract type provides the buyer with the greatest cost certainty while placing most cost risk on the seller for a well-defined scope?

  1. Time and Materials (T&M)
  2. Fixed-Price
  3. Cost-Plus-Fixed-Fee (CPFF)
  4. Cost-Plus-Incentive-Fee (CPIF)

Correct Answer: B — Fixed-Price Contract

Explanation: In a fixed-price contract, the total price is set for a defined scope, giving the buyer cost predictability while the seller bears the risk of cost overruns.

AI for Project Managers — Build Plans Faster, Lead Better

Turn messy inputs into structured project plans in minutes. If you are a project manager tired of spending hours on documentation, this course shows you how to use AI to work faster while staying fully in control.

This is not a generic AI course. You will learn how to use AI as a practical co-pilot to build real project artifacts—charters, WBS, schedules, risk registers, and executive reports—using structured, reliable prompt frameworks.

You will also learn how to keep your project aligned across scope, schedule, cost, and risk, and how to interpret performance data like Earned Value Management to support better decisions and communication.

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Stop Managing Admin. Start Leading the Future!

HK School of Management helps you learn AI prompt engineering for project work. Move beyond status reports and risk logs with practical prompt frameworks for everyday tasks. Practical skills, tools, and guidance you can apply right away. Covered by Udemy's 30-day refund policy.

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