Managing the Project During Construction
The estimate provided by the contractor and accepted by the owner during the bid phase represents what the project will cost the owner. In other words, this bid, once accepted, becomes the budget for the project. In addition, it provides valuable limits to
the project designer, knowing how much the owner intends to spend and what can be afforded. Prior to submitting a bid, it is therefore important for the contractor's estimator to consider the full scope of the work required for a project. A review of all plans and specifications is necessary in order to provide an accurate estimate. If the estimate is not accurate but is accepted by the owner in the bidding process, then any additional costs that arise based on the initial plans will have to be absorbed by the contractor.
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