- Fixed Price model demands that the scope of work, the milestones and the final deliverables are clearly defined and agreed between the parties.
- Project requirements are very clearly defined at the start of the project.
- Regular and periodic reviews and focus meetings.
- Billing is done in phases or stages. A standard phased approach is as below as a guide only*:
- 40% on project initiation
- 20% User Acceptance Testing Initiation
- 30% on completion of User Acceptance Testing (UAT)
- 10% on production and go-live.