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Also known as a Period Certain Annuity. Fixed Period Annuity is a term used to describe a specific payout option for an Immediate Annuity contract. When an annuity distribution period begins or the annuitization begins, the annuitant can choose distributions over a fixed period of time.
13th Sep 2006 10:38. Hi Karen, A fixed term contract is one which has pre-defined expiry date or event, whereas a temporary contract is when where the employment term is intended to be for a limited time period however the exact date of expiry is not known. fixed-term contract will automatically expire at the end of its term. A temporary contract is to cover short term gaps in staffing. Normally issued on an open basis with a set notice period.