Also found in: Acronyms.
A contract in which the work will be carried out for a fixed lump sum without rise and fall cost adjustments, usually used for newer and short-duration projects.
Illustrated Dictionary of Architecture Copyright © 2012, 2002, 1998 by The McGraw-Hill Companies, Inc. All rights reserved
A construction contract between an owner and a contractor in which the parties agree to carry out the terms of the contract for a specified price; does not customarily include the compensation paid to the architect and consultants, or the cost of the land.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.