Fixed Price Model

This model is suitable when the requirements are very clear. A ball park estimate is quoted initially and based on the agreed terms, the project is executed around the ball park estimate. This is a very low-risk option and guarantees delivery of project on-time and within budget. In this model, the scope of work, the deliverables, cost, etc... is agreed upfront before starting the project. For any change in scope of work during the course of project development, a prior agreed upon fixed rate is charged to the client.