What are fixed-price contracts and liquidated damages? Which party to the contract bears the burden?
What will be an ideal response?
Both are financial incentives, although the latter functions more as a stick than the (somewhat limited) carrot of the former. Fixed price contracts establish a price for the project before work begins. If the project encounters difficulty, the costs of completion are borne by the project organization. Liquidated damages are penalty clauses that are automatically activated at milestones in the project's development and implementation. The project organization is again on the hook for these penalties.
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