Lock your pricing model
When drafting a new request (or updating an existing request), clients now have the option to Lock the pricing type/model selected in the drop down menu within the total price field.
Previously, when drafting their proposals in response to a request, firms were able to change the pricing model from the drop down menu when completing the pricing component of their proposals. This means that whilst most firms would provide a fee proposal in the pricing model (Capped Fee, Fixed Fee, etc.) requested by the client, they did have the functionality to propose an alternative pricing model. For example, firms could change the pricing model from Fixed Fee to Budget Estimate, Capped Fee, or Hourly Rate.
The new default is that firms will be unable to change the pricing model for the total price field, unless clients have checked the box: "Allow other pricing models".
Total price field only
This change only applies to the total price field. Firms will continue to be able to change the pricing model for the pricing items and sub-items in the request.
Client's do not have the ability to lock pricing at the item/phase level.
For example, let's say that you have run an RFP for a litigation matter. If you've asked for a fixed fee for the Total Price of the matter, you have the option to require firms to provide that fixed fee (e.g. $1M Fixed Fee) and firms can't change it. However, if you've also included phase level items (e.g. Discovery Phase) - firms can change the pricing model for that phase (e.g. from fixed fee to capped fee or budget estimate).
As part of the new Update Request feature, you may edit existing requests to unlock the pricing model. However, you cannot do the same in reverse. If you allow other pricing models when drafting the request, this cannot be undone. This is because removing the ability to allow firms to change their pricing models after first having provided it may invalidate existing proposals in the platform.