FIXED PRICE CONTRACT
\fˈɪkst pɹˈa͡ɪs kˈɒntɹakt], \fˈɪkst pɹˈaɪs kˈɒntɹakt], \f_ˈɪ_k_s_t p_ɹ_ˈaɪ_s k_ˈɒ_n_t_ɹ_a_k_t]\
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A contract that negotiates a price that cannot be changed. It is negotiated for a reasonable rate. It can only be changed if a rule is placed in the contract. The cost is estimated with a reasonable accuracy. There is little administration on the parties
By Henry Campbell Black
Word of the day
tinctura quininae ammoniata
- A preparation made by dissolving quinin sulphate in alcohol [Br. Ph.].