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The Ultimate General Contractor and Construction Management Quiz
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What is the key difference between a construction 'estimate' and a 'bid'?
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⚖️
50-50
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A
An estimate is a legally binding contract, while a bid is just an informal guess
B
An estimate is an informal calculation of expected costs, whereas a bid is a formal proposal to perform the work for a specific price
C
A bid is submitted by subcontractors, while only the owner can issue an estimate
D
Estimates only cover material costs, while bids only cover labor costs
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