a contract through which the price is billed as one lump-sum amount
A type of construction contract requiring the general contractor to complete a building or project for a fixed cost normally established by competitive bidding. The contractor absorbs any loss or retains any profit.
A contract method usually arrived at through a competitive bidding approach submitted by a contractor, based on a fixed set of contract documents. The contractor assumes total risk for losses due to bid oversight and retains any additional profit where savings are achieved.
A contract in which the charge for labor and materials is included in one stated charge or price.
A construction contract requiring the contractor to complete a building for a specified amount, usually established by competitive bidding. The contractor absorbs any loss or retains any profit. To Top
A type of contract in which the cost of the work to be performed is shown as an all-inclusive price; also known as a fixed-price contract (Selg, 1993).