Which of the following is a common type of construction contract?

A fixed-price contract is a common type of construction contract where the contractor agrees to complete the project for a predetermined fixed price. This type of contract is advantageous for both parties as it provides certainty about the cost upfront. The contractor is motivated to control costs and complete the work efficiently to ensure profitability.

In a fixed-price contract, the scope of work is clearly defined, and any changes to the agreement typically require a formal change order, which outlines any adjustments to the cost or timeline. This type of contract is particularly common in private sector projects and is favored for its simplicity and clarity regarding financial expectations.

The other types of contracts mentioned may serve specific purposes within certain projects but do not match the widespread usage and straightforward nature of fixed-price contracts in construction.