AK General Contractor Practice Questions - Alaska General Contractor Exam

What is the difference between an 'estimate' and a 'bid' in construction?

They are identical terms An estimate is an approximation of costs; a bid is a formal, binding offer to perform the work at a stated price A bid is always lower than an estimate An estimate is always more accurate

Correct Answer:

An estimate is an approximation of costs; a bid is a formal, binding offer to perform the work at a stated price

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