Contract Price definition: Copy, customize, and use instantly
Introduction
The term "Contract Price" refers to the agreed-upon amount to be paid by one party to another under a contract, typically in exchange for goods, services, or a combination of both. It forms a central part of the contract's financial terms and is used to determine the total cost of fulfilling the agreement.
Below are various examples of how "Contract Price" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Contract Price" as a fixed amount
This definition ties "Contract Price" to a fixed sum.
"Contract Price" refers to the agreed-upon, fixed total amount to be paid by the buyer to the seller for the completion of the contract, without changes due to fluctuations in costs, materials, or labor.
Definition of "Contract Price" as a lump-sum amount
This definition connects "Contract Price" to a lump-sum agreement.
"Contract Price" means the total amount to be paid for the full scope of work or services described in the contract, presented as a single, all-inclusive sum agreed upon by both parties.
Definition of "Contract Price" as a variable amount
This definition links "Contract Price" to variable pricing.
"Contract Price" refers to the amount to be paid for the services or goods provided under the contract, which may vary based on specific factors such as actual labor, materials, or other cost-adjusting factors agreed upon in the terms.
Definition of "Contract Price" as a cost-plus contract price
This definition ties "Contract Price" to cost-plus arrangements.
"Contract Price" means the amount agreed upon for the project, including reimbursement for the actual costs incurred by the contractor (such as materials and labor), plus a predetermined fee for overhead and profit.
Definition of "Contract Price" as a unit price
This definition connects "Contract Price" to unit pricing.
"Contract Price" refers to the agreed-upon price per unit of service or goods provided, where the total price is determined by multiplying the unit price by the number of units delivered or completed under the contract.
Definition of "Contract Price" as an adjusted amount
This definition links "Contract Price" to adjustments.
"Contract Price" means the initial agreed price, which may be adjusted based on changes to the scope of work or unforeseen conditions encountered during the contract’s performance.
Definition of "Contract Price" as a guaranteed maximum price
This definition ties "Contract Price" to guaranteed maximum pricing.
"Contract Price" refers to the highest amount the buyer is obligated to pay under the contract, regardless of any increases in costs for goods, services, or other expenses, ensuring no price exceeds the agreed cap.
Definition of "Contract Price" as an estimated amount
This definition connects "Contract Price" to estimates.
"Contract Price" refers to the estimated price for goods or services to be provided under the contract, which may be subject to revisions based on actual quantities or unforeseen requirements.
Definition of "Contract Price" as an all-inclusive price
This definition links "Contract Price" to an all-inclusive approach.
"Contract Price" means a single, comprehensive price that includes all aspects of the work or services to be delivered, including materials, labor, and overhead, without additional costs or adjustments unless specifically noted in the contract.
Definition of "Contract Price" as a price subject to renegotiation
This definition ties "Contract Price" to renegotiation clauses.
"Contract Price" refers to the price agreed upon at the start of the contract, with the understanding that it may be subject to renegotiation if certain conditions or circumstances change, such as increased costs or extended timelines.
Definition of "Contract Price" as a fixed-rate price
This definition connects "Contract Price" to fixed-rate agreements.
"Contract Price" refers to the total agreed-upon sum for the completion of all deliverables under the contract, with the price remaining fixed and not subject to changes or increases unless explicitly agreed upon by both parties.
Definition of "Contract Price" as a market-based price
This definition links "Contract Price" to market conditions.
"Contract Price" means the price agreed upon based on prevailing market rates for goods, services, or materials at the time of the contract’s execution, which may fluctuate according to market conditions during the course of the contract.
Definition of "Contract Price" as a performance-based price
This definition ties "Contract Price" to performance criteria.
"Contract Price" refers to the price paid for goods or services under the contract, with payments structured around the completion of specific performance milestones or achievements.
Definition of "Contract Price" as a final price
This definition connects "Contract Price" to the final cost.
"Contract Price" means the final, total agreed-upon price for the entire contract, including all adjustments, modifications, and additional work agreed upon during the execution of the contract.
Definition of "Contract Price" as an incremental price
This definition links "Contract Price" to incremental payments.
"Contract Price" refers to the price that is paid in stages, based on agreed-upon milestones or completion points in the delivery of goods or services.
Definition of "Contract Price" as a price including contingencies
This definition ties "Contract Price" to contingencies.
"Contract Price" means the total agreed price, which includes a contingency amount for potential unforeseen circumstances, such as delays or unexpected costs, that may arise during the contract's performance.
Definition of "Contract Price" as a provisional sum
This definition connects "Contract Price" to provisional sums.
"Contract Price" refers to a price that includes a provisional sum, which is an estimated amount allocated for certain aspects of the work or services that are uncertain or may change during the contract’s execution.
Definition of "Contract Price" as a bid price
This definition links "Contract Price" to the bid.
"Contract Price" refers to the price submitted by the contractor in response to a request for proposal or tender, which, upon acceptance, becomes the agreed price for the performance of the contract.
Definition of "Contract Price" as an inclusive price
This definition ties "Contract Price" to an inclusive pricing model.
"Contract Price" refers to the total agreed-upon amount that includes all expenses related to the goods or services provided under the contract, with no additional charges unless specified in the contract.
Definition of "Contract Price" as a negotiated price
This definition connects "Contract Price" to negotiation.
"Contract Price" means the final price agreed upon after negotiation between the parties, taking into account factors such as scope, duration, and market conditions.
Definition of "Contract Price" as an escalated price
This definition links "Contract Price" to escalations.
"Contract Price" refers to the price agreed upon at the start of the contract, with provisions for periodic increases or escalations due to inflation, cost of materials, or other specified factors over the course of the contract.
Definition of "Contract Price" as a step-up price
This definition ties "Contract Price" to step-up adjustments.
"Contract Price" means a price that increases over time or based on certain milestones or stages of the contract, often used in long-term contracts to account for anticipated cost increases or performance incentives.
Definition of "Contract Price" as a discounted price
This definition connects "Contract Price" to discounts.
"Contract Price" refers to the total price after applying agreed-upon discounts or reductions, which may be based on early payment, volume, or other considerations outlined in the contract.
Definition of "Contract Price" as a floor price
This definition links "Contract Price" to a minimum price.
"Contract Price" refers to the minimum price that must be paid by the buyer for the goods or services under the contract, ensuring that the seller cannot charge below this amount.
Definition of "Contract Price" as a target price
This definition ties "Contract Price" to a target or benchmark.
"Contract Price" refers to the target price agreed upon between the parties, with the understanding that the actual price may vary based on certain variables or conditions outlined in the contract.
Definition of "Contract Price" as a conditional price
This definition connects "Contract Price" to conditions.
"Contract Price" means the price agreed upon subject to the fulfillment of specific conditions, such as delivery timelines, quality standards, or performance benchmarks set out in the contract.
Definition of "Contract Price" as a fixed-price contract
This definition links "Contract Price" to a fixed-price agreement.
"Contract Price" refers to the predetermined, fixed total amount agreed upon by the parties for the entire scope of the contract, with no adjustments allowed unless otherwise specified in the contract.
Definition of "Contract Price" as a time-and-materials price
This definition ties "Contract Price" to time and materials.
"Contract Price" means the price determined based on the actual time and materials used for the performance of the contract, with rates for labor, equipment, and materials specified in the agreement.
Definition of "Contract Price" as a price per square foot
This definition connects "Contract Price" to a pricing metric.
"Contract Price" refers to the agreed-upon price calculated based on the square footage of the work or space covered by the contract, often used in construction or real estate agreements.
Definition of "Contract Price" as an open-book price
This definition links "Contract Price" to transparency.
"Contract Price" refers to a price based on an open-book approach, where both parties have access to the detailed costs incurred by the seller, and the price is adjusted accordingly based on actual expenses.
Definition of "Contract Price" as an advance payment price
This definition ties "Contract Price" to an advance payment.
"Contract Price" means the total price for the contract, of which a portion is paid in advance before work begins, with the remainder to be paid upon completion or per the agreed-upon payment schedule.
Definition of "Contract Price" as a unit rate price
This definition connects "Contract Price" to unit rates.
"Contract Price" refers to a price determined by multiplying a specified unit rate by the number of units of work or goods provided under the contract, commonly used in construction, manufacturing, and service contracts.
Definition of "Contract Price" as an agreed-upon payment amount
This definition links "Contract Price" to payment agreements.
"Contract Price" means the total amount agreed upon by both parties, which is to be paid in exchange for the performance of all obligations outlined in the contract, whether in a lump sum or by installment payments.
Definition of "Contract Price" as a price for scope modifications
This definition ties "Contract Price" to scope changes.
"Contract Price" refers to the agreed price for the original scope of work, which may be adjusted in the event of changes or additions to the scope, as mutually agreed upon by both parties.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.