How the CIOB Code of Estimating Practice defines traditional contract procurement?

This form of contract is typically a lump-sum contract, the CIOB Code of Estimating Practice defines this as ‘a fixed price contract where contractors undertake to be responsible for executing the complete contract work for a stated total sum of money.’. Lump-sum contracts transfer more risk to the contractor as once their tender has been selected they must work within that cost, although the price is not fixed, and exceptions can be made for variations in the works, relevant events caused by the client or unforeseen adverse weather conditions, among various others.