A fixed fee is a set price agreed upon for the completion of a project, representing a predetermined total cost regardless of the incurred expenses. This arrangement can provide budget certainty for clients while imposing some financial risk for contractors.
An independent contractor is a self-employed individual who offers services to clients while maintaining complete control over how those services are provided. They handle their own taxes and benefits, and are not classified as employees of the payor.
A form of cost estimate presented to a potential customer in which the bid is kept confidential to ensure fair competition among bidders.
