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Firm Fixed Price Contract (FFP)

A fixed-price agreement where the buyer pays a set amount stated in the contract, and that price does not change based on the seller's actual costs.

Key Points

  • Price is established up front and stays firm unless the scope is formally changed.
  • The seller carries most cost and performance risk; overruns are not billed to the buyer.
  • Best for well-defined, stable requirements where outcomes are clear.
  • Payments are often tied to milestones or deliverables, giving the buyer cost certainty.

Example

A company hires a contractor to renovate a lobby for a fixed total of $200,000 based on finalized drawings and specifications. Even if materials or labor cost more than expected, the contractor must complete the work for $200,000 unless the buyer approves a scope change.

PMP Example Question

A vendor reports higher-than-expected labor hours but cannot increase the invoice unless a change request is approved. Which contract type is most likely in place?

  1. Firm Fixed Price (FFP)
  2. Time and Material (T&M)
  3. Cost Plus Fixed Fee (CPFF)
  4. Cost Plus Incentive Fee (CPIF)

Correct Answer: A — Firm Fixed Price contract (fixed total price regardless of seller costs)

Explanation: In an FFP, the agreed price does not change due to the seller's actual costs; the seller absorbs overruns unless scope is formally changed.

How To Land the Job and Interview for Project Managers Course

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Learn from seasoned professionals and join a community of ambitious project managers. Ready to land your ideal job and thrive in your career? Enroll now and take control of your future!



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