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Time and materials (T&M) is a standard phrase in a contract for construction, product development, or any other piece of work in which the employer agrees to pay the contractor based upon the time spent by the contractor's employees and the subcontractors' employees to perform the work, and for materials used in the construction, plus the contractor's markup on the materials used, no matter ...
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Fixed Price Economic Price Adjustment Contract (FPEPA) is a "fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decrease) for special commodities".
Cost plus a fixed-fee (CPFF) contracts pay costs plus a pre-determined fee that was agreed upon at the time of contract formation. Cost-plus-incentive fee ( CPIF ) contracts have a larger fee awarded for contracts which meet or exceed certain performance goals, for example being on schedule and any cost savings.
For contracts subject to the Federal Acquisition Regulations, FAR 16.403-1 provides the Government description of FPI. The contract type is implemented by calling out FAR Clause 52.216-16 Incentive Price Revision - Firm Target. This clause captures the Ceiling Price as well as the government share ratio(s). If multiple line items are identified ...
Performance-based contracting (PBC) or results-based contracting, is a procurement strategy used to achieve measurable supplier performance. A PBC approach focuses on developing strategic performance metrics and directly relating contracting payment to performance against these metrics.
A cost-plus-incentive fee (CPIF) contract is a cost-reimbursement contract which provides for an initially negotiated fee to be adjusted later by a formula based on the relationship of total allowable costs to total target costs.
The Act requires general contractors and subcontractors performing services on prime contracts in excess of $2,500 to pay service employees in various classes no less than the wage rates and fringe benefits found prevailing in the locality as determined by the United States Department of Labor, or the rates contained in a predecessor contractor's collective bargaining agreement.
The examples and perspective in this article deal primarily with the United States and do not represent a worldwide view of the subject. You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate.