![]() ![]() Of course, the estimate can not account for all of the hidden costs that arise – so the actual cost of the project is different than the estimate. Typically an invoice, bill, or quote would be used when giving the actual cost, whereas an estimate just accounts for what the expected cost would be given the scope of work. Estimates are also used in the bid process for selecting who is awarded the project business.Īt a very high level, estimates are created by construction companies to deliver to the client so that all parties can sign and agree to what the approximate cost could be. For example, general contractors and subcontractors have specific estimate templates they use for residential or commercial projects and construction firms have specific templates used in commercial and building projects. Estimate templates are used in different ways and what’s included in the estimate will depend on the type of project. Construction estimate templates are used as a way to approximate the cost of a project. ![]()
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