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2. Guaranteed maximum price - Wikipedia

   en.wikipedia.org/wiki/Guaranteed_Maximum_Price

   A guaranteed maximum price (also known as GMP, not-to-exceed price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) such that the contractor is compensated for actual costs incurred plus a fixed fee, which is limited to a maximum price. The contractor is responsible for cost overruns greater than the ...

3. Automatic renewal clause - Wikipedia

   en.wikipedia.org/wiki/Automatic_Renewal_Clause

   An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...

4. Changes clause - Wikipedia

   en.wikipedia.org/wiki/Changes_clause

   One applies to fixed-price contracts, another to cost reimbursement contracts, and the third to time and materials or labor hours. [5] All three of these clauses give the government the right, at any time and without notice to the sureties, to make changes in the work within the general scope of the contract. The clause for fixed-price ...

5. Escalation clause - Wikipedia

   en.wikipedia.org/wiki/Escalation_clause

   An escalation clause is a clause in a lease or contract that allows for a change in the agreed-upon price in response to a specific factor that is outside of the control of either party. This type of clause is used to protect against potential changes in the value of the goods or services being exchanged, such as in cases of inflation or other ...

6. Cost-plus contract - Wikipedia

   en.wikipedia.org/wiki/Cost-plus_contract

   A cost-plus contract, also termed a cost plus contract, is a contract such that a contractor is paid for all of its allowed expenses, plus additional payment to allow for risk and incentive sharing. [1] Cost-reimbursement contracts contrast with fixed-price contract, in which the contractor is paid a negotiated amount regardless of incurred ...

7. Open-book contract - Wikipedia

   en.wikipedia.org/wiki/Open-book_contract

   The project is then invoiced to the customer based on the actual costs incurred plus the agreed margin. It is essentially the same as what is known (especially in the U.S.) as a cost-plus contract. This contract form is popular to ensure that a competitive price is obtained, for instance in cases where tender competitions are impractical.

8. Listing contract - Wikipedia

   en.wikipedia.org/wiki/Listing_contract

   the successful negotiation of a purchase contract between a satisfactory buyer and seller and the subsequent ability and willingness of the buyer to close the deal, or; finding a satisfactory buyer who is ready, willing, and able to pay the full listing price (or more) for the real estate for sale without any contingencies.

9. 72-hour clause - Wikipedia

   en.wikipedia.org/wiki/72-hour_clause

   The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the seller to continue to market the property. The 72 hour clause is usually written into sales contracts by the seller, this allows a seller to keep the home on the market and accept backup offers ...