There is a dedicated team in every business model which consists of client and service provider and they mutually agree on the project requirements and tasks for specific time period. According to the requirement, clients hire single or team of dedicated developer. The dedicated team will work on given desired task and the client will monitor the activity and their performance.
When time is not prescribed and it is difficult to divide into several small stages then time and material model is used. The rate applied by the company can be hourly, weekly, daily or monthly depending on the tasks, resources, materials, or other charges that were occurred in the development process. Work of the project can be done fast if there is efficiency, professionalism and accurate information shared by the client.
When client is clear with the project requirement and specification before starting of the project then fixed price model is used. After we get clarification about the project then we analyze the scope and complexity of the project then delivery time and fixed budget is kept in front of the client for approval. After approval client pay the fixed desired price and then he get delivery of the project on time with finest output.