[Code of Federal Regulations]
[Title 48, Volume 1]
[Revised as of October 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 48CFR16.207-2]

[Page 299]
 
            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM
 
                CHAPTER 1--FEDERAL ACQUISITION REGULATION
 
PART 16_TYPES OF CONTRACTS--Table of Contents
 
                   Subpart 16.2_Fixed-Price Contracts
 
Sec.  16.207-2  Application.

    A firm-fixed-price, level-of-effort term contract is suitable for 
investigation or study in a specific research and development area. The 
product of the contract is usually a report showing the results achieved 
through application of the required level of effort. However, payment is 
based on the effort expended rather than on the results achieved.