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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".
The contractor does this either through own labor or by subcontracting part of the work. The contractor carries the project risk for schedule as well as budget in return for a fixed price, called lump sum or LSTK depending on the agreed scope of work. [1] In EPCI contracts, the contractor rarely carries the project risk unconditionally.
Option A: Priced contract with activity schedule; Option C: Target contract; Option E: Time based contract; Option G: Term contract. Options B, D and F do not exist. [18] The Professional Services Short Contract (PSSC) This was added to the family in April 2013 and was co-developed with the Association for Project Management. It is for simpler ...
Lyndon B. Johnson signing the Medicare amendment (July 30, 1965). Former President Harry S. Truman (seated) and his wife, Bess, are on the far right.. Originally, the name "Medicare" in the United States referred to a program providing medical care for families of people serving in the military as part of the Dependents' Medical Care Act, which was passed in 1956. [5]
A maximum percentage for the Contractor's overheads and profit is nominated in Schedule 1 of the contract and is applied to the value of variations (additions and omissions) Provisional Sums. A percentage nominated in Schedule 1 of the contract is applied to the difference between the provisional sum and the cost of performance of the work.
Shipbuilding contract, which is the contract for the complete construction of a ship, concerns the sales of future goods, so the property could not pass title at the time when the contract is concluded. The aim of shipbuilding contract is to regulate a substantial and complex project which the builders and buyers assume long-term obligations to ...
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