Important Comparisons in Lump Sum (Fixed Price) Payment Contracts

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This Skill Bit shows that Lump sum contracts offer budget certainty for clients but require strict scope definition and cost control. They differ from cost-plus (client bears cost overrun risk) and time & materials (less budget predictability) contracts in risk allocation, change management, and budget control.

Duration approx. 4 Min.

Tier: proficiency

A part of Building an Effective Procurement Management Plan course.

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