Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Are there contracts for fixed pay vs. fixed pay rates?
Yes. I have personally signed such contracts (fixed budget software development) and lost money every single time. And yes, it is quite possible for you to get paid under minimum wage if you take too long. Scope creep is the primary culprit for these kinds of contracts, so make sure you put together iron-clad explanations of what is and is not covered by the contract (and pad the asking price for good measure).