South Carolina Contractor's Summary of an Estimate
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How to fill out Contractor's Summary Of An Estimate?
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FAQ
In construction, an estimate, bid, quote, and proposal can take on different meanings depending on who is using the term. Some construction professionals use the words estimate and quote interchangeably, while a bid or proposal may turn into a contract if a customer signs it.
A quote is not a binding contract. Under contract law, only offers are considered legally binding and a quote is not an offer. That said, accepting a quote can create a legally binding bargain under certain conditions. Each side must agree to give up something to form an enforceable bargain, according to USA Today.
A legal contract is simply an accepted offer. It means you promise to do the work specified, and the client promises to pay you the agreed-upon sum. While an estimate is just information, and a proposal can be changed or withdrawn at any time, a contract is binding.
A Contract? An estimate is a non-legally binding document. It is an approximation of costs for a project, drawn up by a business to send to a client. It is not a promise.
A Contract? An estimate is a non-legally binding document. It is an approximation of costs for a project, drawn up by a business to send to a client. It is not a promise.
Quotes are expected to be sent after an estimate is approved. They are similar to an estimate except quotes are expected to be more detailed and precise and can be accepted or signed by the client to begin the project, often as an addendum to a contract.
Contract document include sufficient information to be able to complete the work or service....Contract Drawings and Specifications.Priced Bill of Quantities.Construction Programme.Project Quality Management Plan.Project Health and Safety Plan.Conditions of Contract.Risk Insurance.12-Mar-2010
Estimates are an approximation and give clients an idea of what to expect. Quotes are more concrete and specify a fixed dollar value for a specific time frame. Bids offer more detail than estimates and quotes, and they're common in the construction industry.
A legal contract is simply an accepted offer. It means you promise to do the work specified, and the client promises to pay you the agreed-upon sum. While an estimate is just information, and a proposal can be changed or withdrawn at any time, a contract is binding.
It isn't uncommon for contractors to give an "estimate" of how much they anticipate the work will cost. An estimate should be the contractor's best professional assessment, including the cost of hiring any subcontractors, the price of materials, and any other labor involved.
