Fixed Price Contract - B2B

[jamesbrown]

Right, agree.

The hardest thing about FFP work is estimation. Sometimes a very detailed spec is not possible, so you need to build in a very large margin indeed and/or approach it in stages, but a detailed spec is always the best option, especially if you're new to it (I assume the OP is new to FFP work at least, given the question).

[Lance]

Sure, but having a contract with suboptimal terms is even more expensive.

That said, the IPSE template is perfectly adequate for something fairly vanilla or not too high value. Fixed price contracts are frequently not like that, though.

Indeed.
I would assume that the OP is not completely naiive if they are considering a fixed price (might be a terrible assumption).
I would suggest using a standard contract (IPSE/FSB etc.) but make a very detailed SOW with very clearly defined scope, deliverables, testing and evidenc required to support the invoicing.
Also if a lengthy project have payment milestones in the SOW.

Make sure the contract references the SOW by name. And provide the SOW as a read-only document (IRM is great for that, but in most cases a PDF is suitable).

[jamesbrown]

Tricky - IPSE's are free to non-members (like me... )

And Egos, while very good, are also very expensive!

Sure, but having a contract with suboptimal terms is even more expensive.

That said, the IPSE template is perfectly adequate for something fairly vanilla or not too high value. Fixed price contracts are frequently not like that, though.

[malvolio]

Federation of small business also have templates and are cheaper than IPSE.

Tricky - IPSE's are free to non-members (like me... )

And Egos, while very good, are also very expensive!

[jamesbrown]

Whereas, if you're looking for something bespoke, Egos is a good bet.

[Lance]

Federation of small business also have templates and are cheaper than IPSE.

[malvolio]

IPSE have them, mostly written by Lawspeed. You would need the outside IR35 contract and SoW templates, Both will be customisable for your specific requirements.

[icemancomeths]

Good Morning, anyone on this forum ever produced their own contracts based on a fixed price? If so could anyone recommend a template, solicitor or firm to help me with this?

Thanks