We work with our customers in a variety of commercial relationships as explained below. The best option for you depends on your budget and approach to risk.
If your budget will cover the whole cost of development then normally the daily rate approach will be the cheapest, but you bear the risk if the work takes longer than expected. If you don't want to take this risk then you can agree a fixed price, but we will normally add a 'contingency' to the overall price since we are now bearing the risk of an overrun.
If your budget won't cover the whole cost of development then choose one of the shared title options.
full title options
At the end of the project you own the title to the design. All specifications, design documents, source code, circuit schematics and PCB designs are supplied to you.
daily rate / time and materials
We agree a daily rate with you at the start of the project. At the end of each month we invoice for work completed and any expenses (such as cost of prototype parts). You own the title to the work. All specifications, design documents, source code, circuit schematics and PCB designs are supplied to you.
This option is often the best choice if the project requirements are unclear. It is also appropriate for consultancy work. A common approach is to pay us on a daily rate basis at the start of a project to draw up a specification for which a fixed price can then be quoted.
We quote a fixed price and timescale for the project with respect to a well specified set of deliverables. This may include staged payments if appropriate. You own the title to the work. All specifications, design documents, source code, circuit schematics and PCB designs are supplied to you.
Fixed price is a good choice if the requirements are well defined. Fixing the costs makes budgeting easier and limits your exposure to risk, while allowing full retention of title in the work.
shared title options
At the end of the project the title in the design is shared between us. We agree with you prior to the start of the development a specification for the product. We charge a fraction of the development cost but retain title in the design. We share with you the risk and the benefits in the product.
fee and supply of goods
You pay a fraction of the development cost on either a daily rate or fixed price basis. We manufacture and supply finished product to you at a price agreed at the start of the project.
fee and royalty
You pay a fraction of the development cost on either a daily rate or fixed price basis. You manufacture finished product and pay us a royalty fee per unit agreed at the start of the project.
fee and equity
We're always interested in viable new product ideas. If you have a good idea for a product but your company doesn't have the funds to develop it then come and talk to us. We would become a partner with you for a minimal fee and a share in the equity.