What is a Firm Fixed Price Contract? | Contract Types | FFP | PMP Exam

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A Firm Fixed Price Contract or FFP is the simplest form of the Fixed Price Contract in which the payment made by the buyer to the seller is fixed. It is independent of the seller's cost. The risk of cost variation is 100% owned by the seller with the buyer bearing no risk.

👉 This is a simple-to-understand guide that explains the FFP Contract.
- What is a Firm Fixed Price Contract?
- What is the advantage of a Firm Fixed Price contract?
- What is an example of a Firm Fixed Price contract?
- How is the risk shared between seller and buyer in a Firm Fixed Price contract?
- What are the formulas for the Firm Fixed Price contract?

Contracts are covered under Procurement Management in the PMBOK guide. We can expect multiple questions on contracts in the PMP exam.
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  1. Sunny Sensei
  2. Contract types
  3. FFP
  4. Contracts
  5. Fixed Price
  6. Fixed Price Contract
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Which of the following is not true for a Firm Fixed Price Contract?
A. Seller should implement a robust change management system
B. Firm Fixed Price Contract is more suitable for long term projects than short term projects
C. Cost overrun will have no impact on the buyer
D. The seller should strictly control the costs to ensure profitability

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