English
i am here
stdClass Object
(
    [term_id] => 213
    [name] => Construction Law
    [slug] => construction-law
    [term_group] => 0
    [term_order] => 47
    [term_taxonomy_id] => 213
    [taxonomy] => topics
    [description] => 
    [parent] => 0
    [count] => 0
    [filter] => raw
)
					

What are quotes, estimates, bids and tenders?

Region: Ontario Answer # 1981

While the words “quote”, “estimate”, “bid” and “tender” may be used interchangeably by some, there are distinct legal definitions for each word that can have a direct impact on a dispute between a contractor and client.

Using the wrong phrase in a contract or negotiations can result in a price no longer being considered fixed or a legally binding offer.

An “estimate” is simply a guess as to what the project will cost. The end price could be less or, likely, more.

A “quotation” or quote, on the other hand, is a legally binding fixed price for a fixed amount of work. The two phrases should not be used loosely.

A “tender” is a formal legal document prepared by a client setting out the specifics of a potential project and requesting “bids” or proposals from one or more contractors


Renobate April 2017 Ontario Construction Law Topic 965Renobate April 2017 Ontario Construction Law Topic 965

 



								

You now have 3 options:

Was your question answered?


Yes    No


What information would you like to see added?


Submit an Edit Request










What are your changes?*

Page loaded. Thank you