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This is a preferred model if you have the requirements of the project clearly defined.
This is a preferred model if you have a concept in mind that has to be implemented with iterative changes
In some cases customers would like to move from a time and material model to a fixed bid model once the specifications and acceptance criteria are defined. This results in an initial time and material based activity to create specification documents , test case documents, prototypes, test runs and interaction with customers to finalize the end reults. Once that is finalized and fixed we can provide a fixed bid pricing structure.
This is a model that is utilized by customers due to non-portable infrastructure and where close high frequency internal interaction is needed.