[Code of Federal Regulations]

[Title 48, Volume 1]

[Revised as of October 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 48CFR16.207-3]



[Page 309]

 

            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.