Fixed Price / Fixed Time Model
The “not-to-exceed fixed price and fixed time” is one of the popular business models best suited to clients whose project scopes, specifications, deliverables and acceptance criteria are pre-defined. The Fixed Price / Fixed Time Model are best suitable for small and medium level projects.
In the Fixed Price / Fixed Time Model, based on the specification of the project, the client and hitech agree to a fixed price and timelines at the beginning of the project. The project is then executed as per the agreement. In case the project gets a little deferred from the fixed timeline due to any reason such as delay in request and approval steps, client’s delay in providing us with a detailed project description, certain contingency or unavailability or resources, hitech charges no additional amount from the client.
Clients are not charged additionally for few or minimal changes/modifications during the execution of the project. However, if a major alteration is expected at a later stage in the project execution, a prior approved upon fixed hourly rate is charged to the client.
Benefits of Fixed Price / Fixed Time Model
- Proves as a low-risk option for the client
- Provides reliability and predictability to the maximum degree
- No need for client to get involved in the execution process on micro level
- Client feels comfortable dealing with a fixed financial plan and timeline