Fixed Price
Engagement Model
Where to Use This Model?
For small project scopes, the fixed price or fixed bid model works best. In order for this approach to function for your project, you’ll need detailed planning and a list of project requirements. The contract is based on a predetermined amount of work to be completed. A fixed fee is established between the client and the development provider in this business model.
How it Works?
The specialised business analyst and project manager will discuss every aspect of the project before it begins in order to determine requirements and costs.
Our professional project manager will develop a clear plan once the project requirements and estimates have been established. We assess the scope and complexity of the project. We also pick the appropriate team members for the project, present a project delivery timetable, and provide a price estimate for the entire product development process for your approval.
Any additional adjustments (new product features, add-ons, or services not previously mentioned) will result in a price and schedule adjustment. Additional contractual agreements are signed in this scenario.
What Are the Benefits?
Assured timely delivery as agreed upon at the start
Project completion on time and on budget.
Project completion and delivery within the time frame set.
Deliverables based billing.
A risk-free model because the cost and timeline are set
Things to Remember
Any additional adjustments (new product features, add-ons, or services not previously mentioned) will result in a price and schedule adjustment. Additional contractual agreements are signed in this scenario.
The Fixed Price Model cannot meet the needs of large-scale projects that require complex features and extensive implementation times.