As performance-based contracting grows, it is clear that not all performance-based contracts are firm, fixed price. Conversely, all firm, fixed price contracts are not really performance based. A performance-based contract can be any type of contract, even time and materials.
The abbreviation cwt stands for hundredweight. Unfortunately there are two different definitions of a hundredweight. In the United Kingdom, where it has been replaced by the metric system, a hundredweight is 112 pounds, or 8 stone. In the United States, it is 100 pounds. Carol Buchholz Slack.
One type of CWT is called âlong hundredweightâ. This type is also called the âBritishâ type or definition and is equivalent to 112 pounds. Using the imperial system of weights and measures, when one speaks of a âhundredweightâ, he/she is referring to a total of 100 pounds.n specific terms, CWT is a unit of mass which is defined according to pounds. The use of the term âhundredweightâ when referring to the weight or mass of objects is said to have been used starting in the 16th century, specifically around the year 1577.