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Title 48: Federal Acquisition Regulations System
CHAPTER 1: FEDERAL ACQUISITION REGULATION
SUBCHAPTER C: CONTRACTING METHODS AND CONTRACT TYPES
PART 16: TYPES OF CONTRACTS
Subpart 16.2: Fixed-Price Contracts
16.201 - General.
Fixed-price types of contracts provide for a firm price or, in appropriate cases, an adjustable price. Fixed-price contracts providing for an adjustable price may include a ceiling price, a target price (including target cost), or both. Unless otherwise specified in the contract, the ceiling price or target price is subject to adjustment only by operation of contract clauses providing for equitable adjustment or other revision of the contract price under stated circumstances. The contracting officer shall use firm-fixed-price or fixed-price with economic price adjustment contracts when acquiring commercial items.
[48 FR 42219, Sept. 19, 1983, as amended at 60 FR 48248, Sept. 18, 1995]
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