We use two payment options for our services based on time & material and at fixed price. The choice of either of this payment method is preceded by project analysis, a review of client requirements and expectations for the complete project.
Time & material is an hourly-based method which is charged according to the actual hours worked by the developer. Payment is calculated by a previously determined rate per hour. It is a flexible payment method, which is great for ongoing projects with a lot of changes or initially imprecise requirements.
Fixed price is a payment model in which the price is estimated at the initial stage of negotiations. A contract made with this model of payment will have a detailed list of tasks and timetable for developer. The set price includes all the developer work for completion of the project, and it will not change. This model is best used in projects with clearly, set requirements, and a timetable and budget described in a pre-fabricated specification.