We carefully discuss and formalize payment terms in the contract after assessing the project and agreeing on the team, in order to avoid misunderstandings and disputes in the future. After discussing all the details of the project, Silk Data analysts calculate the approximate budget and project timeframe. For the convenience of our clients, we offer several payment options: Fixed price: we determine a portion of the risk based on unknown factors (usually 30% of the main development cost). For small projects (10-15 thousand) prepayment is not required, but for large projects prepayment is required. Hourly rate: Developers are paid for each hour worked. For Time and Materials projects: We provide weekly detailed reports of time spent (along with invoice). This can be a monthly payment or payment in separate stages. Equity Share: In some cases, Silk Data may agree to have an equity interest in the client's business, receiving a share of profits or an equity stake in the company in lieu of payment for services. Hybrid models: In some cases, we offer a combination of several of the above payment forms for more flexible project management. For product: We charge a monthly license and support fee. If the customer requires customization, additional features or integrations will incur a fee.