A contract type in which the contractor agrees to deliver specified goods or services for a fixed price that is not subject to adjustment based on the contractor’s actual costs, except under limited circumstances defined in the contract. An FFP contract may establish a single total price or fixed unit prices for defined products or services. Because the contractor assumes responsibility for managing costs, this contract type places the greatest cost risk on the contractor while minimizing the government’s administrative oversight and financial risk. Firm-Fixed-Price contracts are commonly used when requirements are well defined and costs can be estimated with reasonable confidence.
Firm-Fixed-Price (FFP)
A contract type where the contractor delivers for a fixed price not adjusted for actual costs, placing cost risk on the contractor.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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