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The Complete Guide to Government Contract Types by Kenneth R. Segel

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CHAPTER 3

Fixed-Price Contract with Prospective Price Redetermination

From solicitation, subcontractor selection, negotiation, and award, a large-dollar, long-term FFP contract requires considerable preparation and forethought to attain best value for a specified effort. Yet, price reasonableness cannot necessarily be assessed at initial award for a number of reasons. For example, the scope of work has yet to be fully defined for follow-on work. It is thus necessary to establish price reasonableness upon the award of each specified effort rather than at the onset of the initial contract. A fixed-price contract with prospective price redetermination (FPRP) is an ideal contract type to accommodate this need. Given the FPRP’s significance and ...

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