Contract based software development is a form of professional service agreement where an organization or individual provides software development services on a contractual basis. This type of contract details the expectations, costs, deliverable timelines, and rights of access to source code and other materials related to the software project. The goal of contract based software development is to provide a complete solution that meets the needs of the customer with minimal risk and cost. By utilizing this model, companies can focus on their core competencies without having to worry about procuring in-house software development resources. Finally, this approach allows for more flexibility as business processes evolve, giving customers the assurance they need to stay competitive in today’s market.