Bid vs. Estimate
Definition
A bid is a firm, fixed price offer. An estimate is an approximation that may vary based on actual conditions. Clients often confuse the two, leading to disputes.
Common Questions
Real-World Example
A homeowner gets a $500 estimate for drywall repair and is surprised when the invoice is $620 due to hidden water damage.
Why It Matters
Understanding the difference helps manage client expectations.
Related Terms
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