
festlegen
to set
To determine, decide, or define something in a binding way.
Wir haben den Preis auf 50 Euro festgelegt.
We set the price at 50 euros.
to set / commit
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to set
To determine, decide, or define something in a binding way.
Wir haben den Preis auf 50 Euro festgelegt.
We set the price at 50 euros.

to commit oneself
To decide on a particular option and rule out other possibilities; to make a binding commitment.
Ich möchte mich noch nicht festlegen, in welches Restaurant wir gehen.
I don't want to commit myself yet to which restaurant we're going to.

to lock in
To invest money for a specific period of time so that one cannot access it.
Sie hat ihr Erspartes für drei Jahre als Festgeld festgelegt.
She locked in her savings for three years as a fixed-term deposit.

to pin down
To tie someone up, hold someone down, or make someone unable to move. Often used in police or combat contexts.
Der Judoka konnte seinen Gegner am Boden festlegen.
The judoka was able to pin his opponent down on the mat.
'Festlegen' (to set/commit) is a separable verb. The prefix 'fest-' goes at the end in a main clause. In subordinate clauses and in the infinitive with 'zu', the verb stays together.
Die Firma legt die neuen Preise fest.
The company sets the new prices.
The verb is made up of 'fest' (in the sense of fixed, binding) and 'legen' (to lay). The basic idea is to 'lay something down' in such a way that it can no longer be changed.
Lasst uns einen Treffpunkt für morgen festlegen.
Let's set a meeting point for tomorrow.
In the meaning 'bestimmen' (to determine), 'festlegen' (to set) is often combined with abstract things. Typical examples are: 'einen Termin festlegen' (to set a date), 'einen Preis festlegen' (to set a price), 'Regeln festlegen' (to set rules), or 'eine Strategie festlegen' (to set a strategy).
Das Komitee muss den endgültigen Termin für die Konferenz festlegen.
The committee has to set the final date for the conference.
The reflexive form 'sich festlegen' (to commit oneself) means to make a binding decision. It is often followed by the preposition 'auf' with the accusative to name the choice.
Er will sich noch nicht auf ein Urlaubsland festlegen.
He doesn't want to commit himself to a vacation country yet.
to set / put
Setzen and Festlegen can both be used to specify a deadline. Setzen generally refers to introducing this requirement. Festlegen places greater emphasis on fixing the decision in a binding way, so it is especially appropriate for official agreements or rules.

Im Vertrag legt die Projektleiterin die endgültige Frist verbindlich auf Freitag fest.
In the contract, the project manager definitively sets Friday as the binding deadline.
Die Projektleiterin setzt für erste Rückmeldungen eine Frist bis Freitag.
The project manager sets a deadline of Friday for the first responses.