GovCon Acronym Decoder
Government contracting runs on shorthand. Search any acronym and get a plain-English definition, when you will run into it, whether you need one, and where it comes from.
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1 of 172 terms matching "FFP"
Firm Fixed Price
One price for a defined scope. You keep the savings if you perform efficiently and you absorb the loss if you do not. Maximum risk to the contractor, minimum risk to the government.
When you see it
On well-defined commercial products and services. The most common contract type for new contractors.
Do you need it
Price it carefully. There is no true-up later.
Where it comes from
FAR 16.202.
Firm Fixed Price
One price for a defined scope. You keep the savings if you perform efficiently and you absorb the loss if you do not. Maximum risk to the contractor, minimum risk to the government.
When you see it
On well-defined commercial products and services. The most common contract type for new contractors.
Do you need it
Price it carefully. There is no true-up later.
Where it comes from
FAR 16.202.
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