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Fixed Price Memo

MEMORANDUM

To: (OSP Grant and Contract Officer)

From: (Administrative Contact)

Subject: (Sponsor name and Sponsor ID)

Date:

The above-referenced project is funded by a fixed-price agreement. Therefore, the University's acceptance of this agreement is contingent upon the following assurance from _________, the administering department:

  1. The department understands that it shall be responsible for the performance of the scope of work regardless of the actual cost of said performance, and therefore, the department agrees to provide sufficient funds to cover all costs incurred above the fixed amount provided by the contract.
  2. The department further understands that should the work be satisfactorily completed at a cost less than the amount of the agreement and if Facilities and Administrative costs have been recovered at the approved rate, the residual funds will be transferred to the department.

Concurrence of the Department:

_________________________________________
(Signature of Department Chair/Center Director)

Date: