What are fixed-price contracts and how do they work?
An example of an AI chatbot conversation about fixed-price contracts and their workings.
What are fixed-price contracts and how do they work?
Fixed-price contracts are agreements where the payment amount is set in advance, regardless of the actual costs incurred.
What are the advantages of using fixed-price contracts?
Advantages include budget certainty, reduced risk for clients, and clear expectations for deliverables.
Are there any disadvantages to fixed-price contracts?
Yes, they can lead to lower quality if the contractor cuts corners to maintain profit margins, and they may not be flexible to changes.
In what situations are fixed-price contracts most beneficial?
They are most beneficial in projects with well-defined scopes and deliverables, such as construction or software development.
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