Fixed price

A contract where scope and price are agreed up front and the vendor carries the risk.

Fixed price feels safe for the buyer, but the uncertainty does not disappear: the vendor prices it in as a buffer, and every change becomes a change request. Research on offshore projects found vendors prefer fixed price for larger, longer projects, where knowing more than the client lets them earn more.

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Related terms

Time and materials (T&M): Paying for the hours actually worked; scope can change, cost and timeline move with it.
Cone of uncertainty: How wide an honest estimate is at each stage: from 0.25× to 4× at the idea stage, narrowing as decisions are made.
Scope creep: Small additions that each seem reasonable and together blow the budget and the date.

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Przemysław Zalewski · 15+ years shipping software

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