What are the two forms of Cost Plus Fixed Fee contracts?

Cost Plus Fixed Fee contracts are designed to allow the contractor to incur costs while being compensated with an additional fixed fee, irrespective of the project costs that exceed or fall below budget. The two primary forms of those contracts are termed "Term" and "Completion."

The "Term" form is generally used for contracts where the project duration is specified, and the fee is agreed upon for that specific period. It allows for flexibility in managing costs over time while adhering to a firm period of performance.

On the other hand, the "Completion" form is more focused on completing a specific project within an established scope of work, ensuring that the contractor receives the agreed fixed fee upon fulfilling all contractual obligations.

This distinction between "Term" and "Completion" is essential for understanding how costs are managed in relation to time and deliverables in Cost Plus Fixed Fee contracts.