project management glossary
contract target cost (ctc)
The negotiated costs for the original definitized contract and all contractual changes that have been definitized, but excluding the estimated cost of any authorized, unpriced changes. The CTC equals the value of the BAC plus management or contingency reserve.
contract target price (ctp)
The negotiated estimated costs plus profit or fee.
contract terms and conditions
The stated legal, financial, and administrative aspects of a contract.
contract type
Categories of contracts that are differentiated according to:
- The degree and timing of the responsibility assumed by the contractor for the costs of performance; and
- The amount and nature of the profit incentive offered to the contractor for achieving or exceeding specified standards or goals.
contract types
The various forms of contracts by which goods/services can be acquired. See Cost Plus Fixed Fee Contract, Cost Plus Incentive Fee Contract, Cost Plus Percentage of Cost Contract, Firm Fixed Price Contract, Fixed Price Plus Incentive Fee Contract, and Unit Price Contract.
