Mississippi Administrative Code
Title 12 - Finance and Administration
Part 6 - Office of Purchasing, Travel and Fleet Management
Chapter 3 - Source Selection and Contract Formation
Sec2 12-6-3.116 - Types of Contracts
Sec2 12-6-3.116.04 - Types of Fixed-Price Contracts
Section 12-6-3.116.04.2 - Firm Fixed-Price Contract
Current through September 24, 2024
A firm fixed-price contract provides a price that is not subject to adjustment because of variations in the contractor's cost of performing the work specified in the contract. It should be used whenever prices which are fair and reasonable to the State can be established at the outset. Bases upon which firm fixed prices may be established include:
(1) Adequate price competition for the contract;
(2) Comparison of prices in similar prior procurements in which prices were fair and reasonable;
(3) Establishment of realistic costs of performance by utilizing available cost or pricing data and identifying uncertainties in contract performance; or
(4) Use of other adequate means to establish a firm price.
