What is a fixed price contract?
• With a fixed price contract we will supply you with a price for your project and a set of specifications. Provided the project is built to the pre-determined specifications you will be charged only the amount of the contract. The amount you will pay for your project will be clear and realistic up front.
A Fixed price contract is a flat sum of money from a funding agency given to a project director to complete a particular project. When the project is successfully completed, the agency does not expect any funds to be returned, and often does not ask to see a financial report detailing the grant expenses. Although we do not have to file a financial report, an internal budget is required for this type of grant, and should be included in the documentation when a grant proposal is created. All grant funds are expected to be expensed through the grant within the designated grant time period.
