Kevin--
Congratulations!! Ponds are one of my favorite topics. A good one is a fabulous addition, and a bad one is a horrifying headache. The fellow who built ours told me recently that he was called in to fix a bad one: The dam had settled so that it had a low spot over which overflow actually ran, and by the time he saw it serious scalping was occurring which inevitably would have led to a blowout, unleasing a few million gallons of water in an instant.
I'm sure your contractor knows what he's doing, but I do have a few of suggestions for things to be sure of: (1) that the dam includes a keyway that extends several feet deeper than the deepest water level; (1A /forums/images/graemlins/crazy.gif) that no part of the bottom be a rock stratum along which water can leach (that is, be sure that all bedrock is cut through, and that clay is sealed around the edges); (2) that the dam material is properly compacted (e.g. with a sheepsfoot roller) as each 2-3' of material is built up; (3) that there be an overflow swale, in addition to the spill pipe, which takes any excess water in a direction away from the dam (NOT over it /forums/images/graemlins/shocked.gif); that you pay close attention to final grades at water's edge so that you can get all the way around it with whatever equipment you will need and on foot (the ideal here, I think, would be a bench at the edge of the water with any up- or down-grade occurring 5-6' away from it; and that the bottom slopes down from the margin steeply enough to discourage wading animals. Finally, pay attention to where your runoff will end up; ours just goes over a hill and down to a creek, where it has done some hydraulic damage--see attached photo showing what happened at the bottom /forums/images/graemlins/frown.gif. One of my winter projects is to pipe the runoff all the way down the hill so that it doesn't cut any deeper.
Have a great time with it!!