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The key points in the text are about the critical items in a construction contract, specifically the five essential elements that every construction contract should include. These elements are the construction contract line-item sheet detailing project costs and scope of work, a document outlining every item in the line-item sheet, and the agreement between the owner, architect, and general contractor. Different types of construction contracts exist, such as the cost plus contract for construction work. Construction contracts are crucial in the real estate industry as they bind parties to the agreement based on the project being bid on.