fixed price

noun [C] COMMERCE

Definition

› a price that will not change after it is agreed: We agreed to purchase the finished goods at a fixed price. With a fixed-price contract, the builder pays all extra costs beyond its agreed-upon value.

› a price that is set by a government, etc.: In this model, if the price of oil were to rise above the fixed price set by the U.S. government, the government would pay the difference.

(Definition of fixed price noun from the Cambridge Business English Dictionary © Cambridge University Press)