Predictable Scenario With Certainty Of Costs
Fixed price model guarantees a fixed budget for the agreed project, regardless of the time and expense. The clients can plan the budget based on the fixed scope work that does not requires their involvement. With the established methodologies and clearly defined demands this model provides low risk for the client.
With this model, If the client need to get any extra work or to add a totally new feature that was not specified in the documentation will be considered as additional agreement, where they need to pay extra.