[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: 48CFR16.207-3]

[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.  16.207-3  Limitations.

    This contract type may be used only when--
    (a) The work required cannot otherwise be clearly defined;
    (b) The required level of effort is identified and agreed upon in 
advance;
    (c) There is reasonable assurance that the intended result cannot be 
achieved by expending less than the stipulated effort; and
    (d) The contract price is $100,000 or less, unless approved by the 
chief of the contracting office.