In a Fixed Price Model both the parties agree upon a cost for services, encompassing whole efforts and time that go in building the solution. This model is mostly relevant when the scope and requirements of the project are clear.
The most common of all, Time & Material Engagement Model requires you to pay for the total efforts and the resources involved at a mutually decided rate. This is calculated in hourly, halftime (generally 4 hours) and full-time (generally 8 hours) engagements.
In an Open Book Model, you bear the actual expenses for development and additionally pay for the skills and efforts. This model best suits you when you have easy access to development resources and only need developer to provide its services.
Best suited for small businesses, the Shared Risk Model allows both the parties to share the risk and reward that come out of the endeavor. Here, the percentage of risk and reward varies as per the co-existing agreement based on the need and situation.
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