You have to know in order to plan your next job (and the one after that) when your current job will end. We say it all the time, but time actually is money. By defining what is included in the work, you’re also defining what isn’t included, which can be critical if disputes ensue.
But if there aren’t - or if they’re incomplete - your description of the work is the basis for the whole agreement. If there are drawings and specs included, this is already largely covered. Whether you use these templates, find one elsewhere, or create your own, a construction estimate should generally contain the following information.
What construction estimate templates should include All of the costs of running your business ought to show up in some way on your estimate. You also have a business to run, and that isn’t free.
Make sure you clearly communicate this to your client when providing an estimate or a proposal.Ī thorough estimate includes much more than just the value of the work to be performed. Clients see you - as they should - as an expert in your field, and put a lot of trust in your expertise and professionalism.Īn estimate is not a contract. In the heat of the job, with money on the line, honest mistakes can be misinterpreted as dishonesty and your reputation (and the reputation of contractors in general) can take a hit. Many, many disputes with clients begin as a simple misunderstanding of the scope of the work. The biggest problem with an inaccurate estimate is that it leads to an inaccurate bid. If your estimate is inaccurate, it will be almost impossible for you to make money.Īn inaccurate estimate greatly increases the chances of payment delays, lien claims, and litigation. This is because the contracting game is won at the beginning, not the end. This may seem obvious, but it bears repeating - a good estimate is the key to success as a builder.
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