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Project Procurement Managment > Contract Types > Flashcards

Flashcards in Contract Types Deck (9)
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1
Q

What type on contracts does the Seller bear all risk?

A

Fixed Price

2
Q

FFP

A

Firm Fixed Price (most common, seller covers any cost increase)

3
Q

FPIF

A

Fixed Price Plus Incentive (includes and extra performance incentive)

4
Q

FP-EPA

A

Fixed Price with Economic Price Adjustment (used in long-term projects, buyer covers inflation costs)

5
Q

CPPC

A

Cost Plus Percentage of Costs (seller reimbursed for costs, plus a percentage commission)

6
Q

CPFF

A

Cost Plus Fixed Fee (seller reimbursed for costs, plus an fixed dollar commission)

7
Q

CPIF

A

Cost Plus Incentive Fee (seller reimbursed for costs, plus an objective bonus)

8
Q

CPAF

A

Cost Plus Award Fee (seller reimbursed for costs, plus a subjective bonus)

9
Q

T and M

A

Time and Material (hybrid, moderate risk to buyer, often used for staff augmentation and consultants)