What are the differences between fixed-price and time-and-materials contracts?
An example of an AI chatbot conversation about fixed-price vs time and materials contracts.
What are the differences between fixed-price and time-and-materials contracts?
Fixed-price contracts have a set price for the entire project, while time-and-materials contracts charge based on actual time and resources used.
Which one is better for a software development project?
It depends on the project's scope. Fixed-price is better for well-defined projects, while time-and-materials is ideal for projects with evolving requirements.
What are the risks associated with each type?
Fixed-price contracts risk underestimating costs, while time-and-materials contracts can lead to budget overruns if not managed properly.
Can you give me examples of when to use each?
Use fixed-price for projects with clear specifications, like a website redesign. Use time-and-materials for ongoing maintenance or projects with changing requirements.
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