What is a firm-fixed price contract?

A firm-fixed price contract is a contract that is not subject to any adjustments in the awarded amount for the work proposed. At PCORI, firm-fixed price contracts have an approved Milestone and Payment Schedule in which the project budget is divided into lump-sum payments over the life of the project. The lump-sum payments are associated with work completed within a specific time frame. 

Payments are linked to the submission, review and approval of milestone deliverables, and invoices submitted to PCORI on the dates specified in the contract.