Fixed Price Model

In a Fixed-Price engagement, the project scope, schedule, and budget are agreed upon upfront. The budget is based on a detailed specification and frozen for the whole project. All payments within this model are made on pre-defined milestones. As the first step of cooperation, we finalize all requirements during a Discovery phase. Once we get the full specification, our development team estimates all tasks, locking the total cost and deliverables. Once a contract is signed, the development phase begins strictly according to the plan. No additional functionality can be added to the scope without cost re-estimation. Even feature replacement requires a price revision. In short, the fixed-price model runs like a “closed box” without any flexibility for changes.