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One of the factors to consider is whether the client is sufficiently experienced at this kind of engagement. It only makes sense to take this kind of thing on if both parties are prepared to negotiate scope later, otherwise one or both of you is likely to come away dissatisfied. The customer should understand that "fixed" price means they pay a premium for ...


A FFP is not appropriate for your customer or you. If you pursue that you have to load it with a ton of contingency in both money and time that it would make it unfeasible for a normal customer. And it would ruin your reputation. A T&M is perfectly appropriate for this scenario. Insist on it or walk away.


Without detailed and fully agreed requirements, you have a load of assumptions. I suggest you document the assumptions as fully as possible, then structure a contract on a time and materials basis with the assumptions clearly stated. Then you can test the assumptions and document them as risks or issues as necessary. As an alternative to this you may prefer ...

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