Thanks for the response @ji20874. I read the first, second, fourth, and fifth sentences of that clause as applying to both FFP and T&M orders (with the third sentence applying only to T&M). In other words, a FFP task order would still need to identify the labor categories, estimated number of hours, and any open market items, but it wouldn't include a not-to-exceed price.
Assuming I am wrong, my questions are:
What rules govern how the contractor must price a FFP quote?
For example, I presume the contractor would need to base its quote off of the labor rates in the GSA schedule. What is stopping the contractor from basing its quote off of higher rates?
May the contractor overestimate the number of labor hours required to perform the work?
Really appreciate the feedback! Thanks.