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Fixed-Price Contract

A contract type that sets a total price for a defined scope of work, placing cost risk on the seller.

Original SimCert study summary; not an official PMI® glossary definition.

Performance domain · GovernancePrinciple · Be an Accountable LeaderExam domain · Process

Questions that use this term

Process·Governance

A project manager is managing a fixed-price contract with a vendor. Midway through the contract, the vendor claims that unforeseen site conditions require additional payment beyond the agreed price to complete the work.

What should the project manager do FIRST?

Practise this domain

Nearby terms in Governance

Change Control Board (CCB)Change RequestClaims AdministrationDaily StandupEnterprise Environmental FactorsExternal Environment