When a customer hires a software development company, they sign a billing contract. The pricing model used depends on the project. The main models are fixed-price, time & materials, and milestone. In this article, we look at the advantages and disadvantages of these pricing models and tell you which is best to use when.
What is the fixed-price model?
A fixed-price contract is based on an estimate of the amount of work that needs to be done. Project requirements need to be written to define this scope of work. Wireframes also need to be created to help the development team figure out the hours necessary to implement all features. With a fixed-price project, the service provider and the customer both carry some scope-related risk. Any extra work (when clients want to add a totally new feature that was not specified in the documentation) usually goes under an additional agreement. In this case, the client must pay extra.
In this model, it’s important to discuss everything before the actual development in order to estimate the cost of the software product. The fixed-price model ensures that a project is done and delivered within a specific timeframe and budget.
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