The seller must supply the contracted items at a fixed price determined at the time of contract.

In project management, fixed-type contracts in procurement processes are agreements where the price and scope of work are predetermined and fixed before the project begins. These contracts are typically used when the scope of the project is well-defined and there is little risk of changes or modifications during the project execution phase.

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“Fixed-type contracts in procurement processes are agreements where the price and scope of work are predetermined and remain fixed throughout the project duration. These contracts are suitable when the project scope is well-defined and there is minimal risk of changes. They provide certainty in terms of budget and deliverables, making them advantageous for both the buyer and the seller. However, they may not be suitable for projects with high uncertainty or evolving requirements.”