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Lump Sum or Fixed Price Contract Type. This type of contract involves a total fixed price for all construction-related activities.A construction contract lays out the details and expectations of a project to make sure everyone is in agreement before the work starts. Subcontractor details are often included in a construction contract as well when a contractor plans to hire out some of the work on the job. Cost Plus Fixed Fee with Guaranteed Maximum Price Contract – Compensation is based on a fixed sum of money.