Other than a dedicated development team, the engagement models are broadly classified into two more categories: Fixed Price and Time & Materials. In the Fixed price model, there is a pre-decided value that businesses have to pay only for deliverables they wish to develop from the software development teams. While in the Time based Pricing model, its cost of development is dependent on the time taken for the software development. We already know that the dedicated development team means to augment the in-house tech skills with a team of specialized professionals located onshore, offshore or may be nearshore locations.