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Estimate (2)
ESTIMATE (2)

Definition: A statement of how much a piece of work will probably cost.
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* All twelve elements should be in.


1. Purposeful and necessary to have statement.

2. Specifies and identifies the nature of the piece of work to be done, be this a new construction, repairs, renovation, etc.

3. Statement is made after a thorough inspection, assessment, examination, evaluation, comparison, etc., as applicable, has been made. That is, document or presentation is painstakingly prepared.

4. Complete and correct in every material respect; no errors.

5. Has condition(s), if any, such as validity/variation terms, payment/deposit option(s), completion date/period, etc. stated. (To emphasize.)

6. Made - said or written - in a readable, easily understandable form: with subsections, summary, descriptions, quantities/qualities, sub-totals, grand total, etc.

7. Signed and dated by the authorized official/person, who can give proper explanations, if required.

8. (Reserved.) (Statement does not cost the person needing to pay for work any money. That is, no fee is paid for 'guess figures' provided!)

9. Statement is clear and legible/audible.

10. Current, that is, projection is submitted timely (connect to #5).

11. Total cost estimated, as contained in statement, is never less than the actual cost that will be required to start and complete work. That is, adequate contingency provisions are made in the calculation or reckoning. (Connect to #10.)

12. Statement serves purpose(s), used or not.
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* REALISTIC AND REASONABLE.

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