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In Agile contracts, the supplier and the customer together define their common assumptions in terms of the business value, implementation risks, expenses (effort) and costs. On the basis of these assumptions, an indicative fixed price scope is agreed upon which is not yet contractually binding.

An agile contract should reflect the agile mindset and principles, such as customer satisfaction, change embracement, collaboration, transparency, and flexibility. The contract should focus on delivering value and quality to the customer, rather than meeting predefined specifications and deadlines.

Variable-price, fixed-scope (Time & Material) A Time & Material contract will work for an Agile project depending on how you define 'price' and 'scope'. The price could be defined as an estimated number of resource days.

There are four main ways of contracting for Agile: T&M, Fixed Price per Sprint, Fixed Price per Story Point and Outcome based. Needless to say, the approach selected needs to be appropriate for the project, and this will depend on a number of factors.

Fixed-fee contract. Common for Waterfall development projects, fixed-fee contracts sometimes also define Agile agreements.

Time and Materials Contracts (T&M) This is one of the most widely used contract types. It means that you pay for the number of hours a software engineer works on your project. In this case, the emphasis is on high-quality development rather than specific deadlines. One of the most straightforward types of contracts.

Agile procurement is a method of procurement that is meant to be more flexible, allowing teams to make faster decisions than they could with traditional procurement. Some steps in the process may overlap to save time, and the team can review their progress at the end of each sprint and make changes as necessary.