Firm Fixed Price: Firm fixed price contract (FPP) states that the price is not subject to any form of adjustment on the basis on the cost incurred by the contractor in performing or completing the contract.
Firm Fixed Price with Price Adjustment: A fixed price contract with economic price adjustment (FP-EPA) offers an upward/downward revision in the stated contract price, based on the occurrence of specific contingencies.
Incentive: Incentive contracts are used when a Firm fixed price contract is not appropriate and the needed supplies/services can be acquired at lower costs, or in some instances with better delivery or technical performance, by relating the profit or payable fee under the contract to the performance of the contractor.
Fixed Price Incentive Fee: A Fixed price incentive fee contract (FPIF) is when the buyer pays the contractor a set amount defined by the contract, and the contractor can earn additional amount if they meet the performance criteria defined in the contract.
Cost Plus Incentive Fee: A cost plus incentive fee contract (CPIF), allows for cost-reimbursement from an initially negotiated fee, adjusted later based on the relationship between the total allowable costs to the total target costs as mentioned in the contract. So the price paid by the buyer to the contractor changes based on the cost changes, to reduce the risks assumed by the contractor.
Cost Plus Fixed Fee: A cost plus fixed fee contract (CPFF) is where the contractor is paid an agreed upon or negotiated fixed fee, irrespective of the contractor’s cost.
Cost Sharing: A cost sharing contract is a form of cost-reimbursement contract where the contractor does not receive any fee and is only reimbursed for the agreed upon percentage of the contract’s allowable costs.
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