The fixed price model is ideal for urgent or small-sized projects. It fits perfectly for the projects that has a limited scope with clearly defined specifications which would hardly change.
Once we receive such a project, we quickly estimate the budget and time required to come up with an MVP before the actual development begins. The price in this model is fixed which is calculated by the amount of work and it cannot be changed after the signing of contract.
- Fixed time frames
- Well-defined specification
- Lower monetary risk
- No room for changes