A fixed-price contract is an example of transferring risk from an owner to a contractor.
A contract is referred to as an agreement that is enforceable by law based on the consent of both the parties involved in the deal fulfilling all the elements of a valid contract.
A contractual arrangement having a structure and control for the delivered goods or services is known as a fixed-price contract. A fixed-price contract is an illustration of risk being transferred from the owner to the contractor. Contracts with set prices have the advantage of a pricing guarantee.
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