The work pack is taken under a fixed price. With clarity in requirements, communication and review process, and minimal change expectation - this is the most efficient model.
The team and project manager define sprint task and estimate the efforts for the same, in conjunction with the client product manager. Based on task refinements, actual hours may vary.
T&M Under Client Management:
Teams work allocation is under client project manager, whereas Admin and HR responsibility is with Bacancy. This is like the client’s center, with no infrastructure, licenses, and compliance management worries.