Time & Material Business Model

Time & Material

Time and budget constraints can be impetus for the more mutually beneficial agreement than ordinary fixed price model.

MindMade Technologies

Time & Material

Time & Material model is developed for long-term projects, when it is difficult to estimate the required resources and thus plan the budget. This model provides you with a possibility to pay for company’s services in parts according to the payment agreement specified by the contract. After both sides have agreed on time limits, software, hardware, human and other resources required for your project, we would invoice you a monthly or weekly charge.

ADVANTAGES

  • Flexible and negotiable budget

  • Possibility to pay in parts

  • Low risk: project development can be changed or canceled at any stage

Time & Material Business Model

CAUTIONS

  • No strictly defined time limits

  • The project budget is less controlled

  • The client is highly involved into the development process including the clearance and approval of time-sheets

Best solution

This business model is quite flexible and highly efficient when it is hard to predict the final cost of the project and when the customer’s requirements can vary depending on different factors.

If you want to get more control over the project budget or to define the time limits more clearly, then you should choose another pricing model: Dedicated Team or Fixed Cost.

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