A flat fee is a fixed price that is charged for a specific service or product, regardless of the time or resources required to complete it. This means that the cost remains the same, whether the task takes longer or requires more effort than anticipated. In contrast, with an hourly rate or other pricing models based on time and materials, the final price can vary depending on how long it takes to finish the job or how much material is used. A flat fee provides a certain level of predictability for both the provider and the client, as they know exactly what to expect in terms of cost.