Time & Materials

What?

In this model you are charged for the total time spent by the project manager, developers and QA during the development stage according to the hourly rate.

When?

This model is suitable for open-ended and long-term/short-term projects that has no complete specification available at the initial stage and when amendments can be made to the specification during project development.

Other cases when this model is applicable: for startups with no or incomplete specification For smooth start and further work on the project under Time & Materials model writing detailed specification documents is inevitable. You’ll cooperate and communicate with our project managers/ business analysts who will at your disposal to discuss any project-related issues and timely suggest the right solution.

Why?

Time & Materials contract makes the development process more transparent, cost-effective and manageable.

At the project discussion stage we agree upon the project scope and our project managers prepare a detailed specification. Preliminary estimation is provided with indication of project duration and approximate cost per month. After you approve the estimation we conclude a NDA that covers all aspects of confidentiality, licensing and maintenance. When the contract is signed and the first installment is received, our team gets down to work.

In accordance with the contract terms you are billed monthly. Progress reports are submitted to your on a daily basis. Timesheets and prices are provided monthly.

Fixed Price

What?

A contractual model that means that the project price is fixed at the outset for the known project scope and no actual work price will be taken into account.

When?

This model is suitable when you have a project with fixed requirements, the timelines are set and the budget is critical.

Why?

It is considered the most cost-effective contractual model for small and middle-sized projects because you can budget for the costs and ensure there’s enough funds for project completion.

There are several types of fixed price contracts we work under:

• FPIF - fixed price сontract with incentive firm (firm target). It means you pay only for the project scope, while the actual work is not considered. If the target goal is achieved at less costs than stipulated at the outset, it results in higher profit for us. If the target goal is achieved at higher costs, you save money on the project.
• FFP - firm fixed price contract. It means the project price is fixed at the outset for the known project scope and can’t be changed during the project development.
• FP-EPA - fixed price contract with economic price adjustment. It means the price for the long-term contract that can last several years can change due to the changing project conditions, such as costs increase.

Why Choose Bishop Softrware

• Experience   (5+ years in IT Outsourcing)
• Scalability   (we have resources to gradually grow your outsourcing team)
• Absolute workflow transparency   (providing an insight into what each team member is occupied with any time)
• Flexibility   (work with both startups and big enterprises)
• Always ready-to-help customer-centric staff