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Fixed Weight
A numerical system used to
evaluate proposals. Weights are assigned to
each evaluation criterion by percentage
distribution.
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Fixed-Price Contract
1. A contract providing for a firm price
2. A price that may be adjusted only in
accordance with contract clauses, providing
for revisions of the contract price under stated
circumstances.
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Fixed-Price Contract with Escalator (Economic Adjustment Clause)
A contract under which
the contractor is reimbursed at a fixed price
for all services and materials, provided that
the contract allows for periodic price
increases or decreases at one or more stated
intervals during the contract term. The
amount of price increase or decrease is based
on the movement of an independent price
index (escalator) for goods, services, or labor.
(Harney 1992)
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Fixed-Price Contract with Price Redetermination
A contract that provides for a firm fixed price
during the initial period of the contact, after
which, based on performance during the
initial period, the contract price may be
recalculated.
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Fixed-Price Incentive
A fixed-price contract that
provides an incentive to reduce cost by
allowing for the adjustment of profit and
establishing the final contract price by a
formula based on the relationship of final
negotiated cost to total target cost.
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Fixed-Price Level-of-Effort
A fixed-price contract
that requires the contractor to provide a
specified level of effort for a specified period
of time for work that can only be described in
general terms.
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Flexible Manufacturing System (FMS)
A
production method designed to adapt easily
to changes regarding the quantity and type of
good being manufactured.
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Floater
An insurance policy that covers a
changing, dynamic liability, such as the
inventory of a store or warehouse, movable
property, or goods in transit.
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FMS
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Follow-Up
To review the status of a transaction,
in connection with purchasing transactions.
