This document outlines and describes several common types of building contracts: lump-sum, cost plus fixed fee, cost plus bid fee, guaranteed maximum, negotiated, unit-price, design-build, and turn-key contracts. Lump-sum contracts establish a fixed total price upfront, while cost plus contracts reimburse contractors for all costs plus an additional fee. Guaranteed maximum contracts set a ceiling on costs. Negotiated contracts involve selecting contractors and then negotiating payment terms. Unit-price contracts are based on estimated quantities of work. Design-build and turn-key contracts make a single entity responsible for both design and construction.