A contract bids a job at a single total price covering all labor, materials, and overhead, regardless of actual cost. This is a:

Explanation

One total price for the whole scope, whatever the work actually costs, is the fixed-price or lump sum contract: the contractor keeps the saving if costs come in low and absorbs the loss if they run high. Cost-plus-a-fixed-fee is the opposite arrangement - the owner reimburses actual costs and pays a set fee, so the overrun is the owner's. Time and materials is also open-ended: hours and materials are billed as they are incurred. A unit price contract fixes the rate for each unit installed but not how many units the job will need, so the quantity risk stays with the owner.