contract price
Definition
Mutually agreed upon total amount that a principal (client or project owner) pays to a contractor on completion of the contract, in accordance with contract terms and conditions and their subsequent modifications (if any). Also called contract sum.
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contract price is in the Agreements & Contracts and Purchasing & Procurement subjects.
contract price appears in the definitions of the following terms:
contract under-run,
percentage of completion method,
fixed price contract with economic price adjustment,
performance bond,
fixed price redeterminable contract,
contract over-run,
fixed price incentive contract,
profit objective,
should-cost estimate,
fixed price contract with price escalation
and
contract price appears in these other terms: contract price analysis, contract price baseline
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