The fixed price model implies that you and the software development vendor with whom you are collaborating have agreed on the scope, timeframe, and, as the name implies, the project's price. This is crucial: the model does not allow for significant changes in product needs.
The dedicated team and fixed price models share an essential feature: when you sign up for either of them, you know when to pay, who to pay, and how much. There will be no budget-related surprises because the team, scope, and deadlines have all been agreed upon before.
Select the fixed-price model if: Select the fixed-price model if: All processes are understood and agreed upon ahead of time The deadline is fixed in stone You don't feel the need to manage everything You aren't going to modify anything about the project throughout the process