The fixed-price model, also known as predetermined lump-sum cost model. We offer this model in case of 100% fixed project scope defined. Client pays a fixed predefined cost for the well-defined project scope agreed upon through contract. The total fixed cost breaks up based on milestones/deliverables committed in the contract.
In our experience working on this model, there may be cases of new ideas/features/functionalities missed by client in the specification or the contract. Those are taken care under the Change management process. Any change to the defined project scope under the contract, Dash Technology Inc. introduce change management process. We keep track of new change request received from client and the cost of it will be billed additionally on top of agreed contract. The change management process is very much important and key process to manage Fixed price business model. We intimate client when we receive any out of scope tasks/feature/functionality from client on top of agreed scope. We also share effort estimation for the additional change request received from client and on mutual agreement, Dash Technology Inc. charge the additional efforts on hourly basis as defined and agreed by both parties.