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The Difference Between Terms

An estimate is an approximate cost assessment of a project based on available information, often given as a rough range to help clients understand potential expenses. It is not a fixed price and may change as more details emerge.

A bid, on the other hand, is a formal proposal that outlines a specific price for completing the work, often after a thorough evaluation of the project's requirements. Once accepted, a bid typically becomes a binding agreement, whereas an estimate remains flexible and subject to adjustment.

A quote is a fixed price offer for a specific product or service, based on defined project details. It is typically straightforward and includes a breakdown of costs, materials, and labor. Once accepted, a quote becomes legally binding.

A proposal, however, is a more comprehensive document that not only includes pricing but also outlines the project scope, timeline, methodology, and value proposition. Proposals are often used in competitive bidding situations and may allow for negotiation before finalizing the terms.

Estimate vs Bid

Quote vs Proposal

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