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Retired Account
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Discussion Starter · #1 ·
Define the following>

Bid

Quote

Estimate

FR


If you feel you've another term worthy of definitional interpretaton, please throw it in

thx:thumbsup:

~Steve of fowl fame~
 

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I own stock in FotoMat!
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39,115 Posts
Bid: Solid number based on supplied information.

Quote: Solid number, based on supplied information, but may change as customer is just kicking tires.

Estimate: Too many unknown variables exist to give solid number.

FR: What your clothing should be if you're working hot.
 

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Flex Bits & Blindfolds
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I agree with the above with the exception of bid. I equate bid work with putting together a quote based on a set of prints. Essentially if every contractor looking at the project is using the same parameters to get to a number, I call that "bid work."

So:
Bid work: numbers based on supplied prints
Quote: solid number based on customers wants
Estimate: hate that word never use it
and
Proposal: when a customer asks "what kind of lighting would you recommend in my kitchen. I put a proposal together and quote them a price based on my thoughts.

That being said, I'm in service, so I avoid bid work at all costs. I quote when a customer is adamant with what they want. I never estimate, and give Proposals, to differentiate myself from the next EC.

And I'm ignoring FR. :no:

I should add, estimate opens up the door for negotiating. Prices are not negotiable, but the scope of work is.
 

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A bid is what a General contractor asks for when getting prices on a job A quote is what you get from your supply house to come up with the General contractors bid A proposal is what you actually give your general contractor when submitting your bid on his project, the proposal is the scope of work,pice and contract for the job. An estimate is some thing home improvement hacks use. Flat rate is an upfront price you give a homeowner for basic service work.
 

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Retired Account
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Discussion Starter · #6 ·
From the wonderuos 'net this morning>

Bid
Definition of 'Bid'

1. An offer made by an investor, a trader or a dealer to buy a security. The bid will stipulate both the price at which the buyer is willing to purchase the security and the quantity to be purchased.
Invetopedia

Quote
Definition of 'Quote'

1. The last price at which a security or commodity traded, meaning the most recent price on which a buyer and seller agreed and at which some amount of the asset was transacted.

Estimate
The Good Faith Estimate:

A good faith estimate is a statement showing the ballpark costs a lender will charge you. While some people think a good faith estimate is a firm quote, there's plenty of wiggle room in those prices.

In any case, you get a decent idea of what you'll be paying with a good faith estimate
source
Estimation is the process of finding an estimate, or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. The value is nonetheless usable because it is derived from the best information available
Wiki

The exact number of candies in this jar can not be determined by looking at it, because most of the candies are not visible. The amount can be estimated by presuming that the portion of the jar that cannot be seen contains an amount equivalent to the amount contained in the same volume for the portion that can be seen.
FR
Flat rate is a pricing scheme whereby the customer pays a fixed price for a service regardless of how long the worker takes to carry out the service.
Flat rate manuals are based on timed studies of the typical time taken for each type of service. Flat rate helps provide a uniform pricing menu for service work and helps establish the worth of the performance of a particular job.
Wiki

~CS~
 
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