Fixed price, often referred to as a fixed-price contract, is a type of contractual agreement in which a specific price is established for the completion of a defined scope of work or project. The agreed-upon price remains constant throughout the project's duration, regardless of any changes in the project's complexity or scope.
For example, a software development project with a fixed-price contract might specify that the development company will deliver a mobile app for a set amount of money. This type of contract provides cost predictability but may require a well-defined scope.
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