Bids, estimates, quotes, and proposals are the most common terms you hear when speaking with a professional about servicing your property. It’s easy to confuse these terms, so we’ll dive into each and explain the differences.
A bid is a contractual document that may or may not be signed by a customer. The document generally lists the major aspects of the project, such as the scope of the repairs (what kind of repairs will be done), how long the project should take, and the total cost of the repairs.
A proposal is very similar to a bid; but tends to be a more detailed account of the impending project. Sometimes this is due to the increase in suppliers or complexity of the project, so that everyone knows exactly what will go into the project.
Proposals are often used as a tool to gain outside/new business and lends itself well for the increase in detail seen over a bid, in general.
An estimate is just that, an estimated cost for the project as a whole. A much more informal version of a bid, an estimate often is not a document, but a verbal conversation to a supplier or client before a project is started.
A Quote is generally a time sensitive pricing estimate for a job or repair materials. Lumber is a commodity and the price can change a bit from month to month for most suppliers. This means that a quote is good for a certain amount of time; sometimes providing the opportunity to lock the price in for a set period of time.
Regardless of the terms; a no obligation inspection is always recommended before a bid, quote, estimate, or proposal is ever given.
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