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Fixed Price
Model overview
Fixed Price (or sometimes Fixed Bid) is an outsourcing cooperation model when a definite IT service cost estimate is set before the outsourced project gets started, and remains valid and unchanged throughout the entire software development life cycle. The fixed-price contract between HebronSoft and its customers is based on the scope of work to be done in strong accordance with the project's functional and non-functional requirements. When choosing the fixed price model, business owners perfectly know a lump sum they have to pay for the project with no additional service fees involved during the development process. This type of agreement leaves no room for financial uncertainty, product release delays, or any other time-/price-related risks that may occur as all the project’s costs and deadlines are defined upfront.
When to choose the Fixed Price model
The model works best if it goes in line with the following:
- Small-scale project
- Strict budget
- Clear-cut requirements
- No changes are expected
- Precise time and effort limits
- Short-term deliverables/MVPs
What the Fixed Price model involves
HebronSoft always thoroughly calculates the overall cost of a project in terms of its complexity, and time and effort to be spent before coming up with an exact amount. With the help of our customers, we closely scrutinize all the project requirements to determine the scope of software development work to be implemented. The fixed price model of cooperation presupposes following a predefined development plan with no continuous adjustments, or new product features to be added on the go. If any extra work is needed during the project’s workflow, it is usually a matter of another agreement. The steps of how HebronSoft collaborates under the Fixed Price model are as follows:
Fixed Price model : Process Stages
Project requirements analysis
Project proposal based on the scope of work determined
Signing an agreement with price and time defined
Project's development and testing
Software solution and deployment and delivery
Benefits of the Fixed Price model
- Great option for small-sized projects
- Workflow transparency and ease of management
- Accurate product delivery on time and budget
- Highly predictable project’s overall results and deliverables
- No further customer involvement is required while underway
- Optimized for MVPs to future-proof more complex IT solutions
Our Customers’ Results
250%
Increase in Sales of Customers’ Products
550%
Increase in Online Donations for NGOs
5.0★★★★★
Ratings from Clients’ Satisfaction
61.5%
Decrease in Headcount
