Federated procurement refers to a decentralized approach to procurement where multiple entities within an organization, such as departments, subsidiaries, or regions, maintain their own procurement functions and autonomy. While central guidelines and strategies may exist, each entity has its own procurement processes, contracts, and supplier relationships. Federated procurement allows for localized decision-making and flexibility to meet specific needs, but it can also lead to fragmentation and missed opportunities for cost savings and synergies.

Fixed price refers to a pricing model or contract where the agreed-upon price for a product or service remains constant throughout the duration of the contract, regardless of any cost fluctuations or changes in market conditions. Under a fixed price arrangement, the buyer and seller agree on a set price that will not be subject to adjustments or variations based on factors such as labor costs, material prices, or unforeseen expenses. This type of pricing structure provides predictability and stability for both parties involved, as the buyer knows the exact cost upfront, and the seller assumes the risk of any cost overruns or changes in expenses during the contract period.