It’s an IT hiring model, when the contracted company, with their staff and resources is entrusted with a whole project from end to end. The client typically has no control over and no contact with the development team – basically, the whole project is being transferred to the contracted company.
Usually, the client is an enterprise having a particular idea, but without the needed know-how in order to complete the task. Hence the decision of delegating the project to use all of the possible resources to make it to perfection.