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Contract Pricing Agreements

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Discuss the three categories of contract pricing arrangements. Briefly describe the various types of contracts in each category.

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This solution discusses the three categories of contract pricing arrangements and describes the various types of contracts in each category.

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The three types of contract pricing arrangements are fixed price, cost reimbursement, and special situation contracts.

A fixed price contract includes a firm fixed price contract, which has a fixed price that cannot be altered. A contract to purchase a new car is an example of a fixed price contract. A fixed price with economic price adjustment contract makes provisions for adjustments due to events that take place in the economy that are outside of the person's control. A fixed price incentive contract bases the final fixed price on an incentive and adjusts the total profit based on a formula of how much was or can be saved during the project. This fixes a price to the contract but bases the fixed price on additional ...

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