A reasoned forecast of the likely cost of work based on the information and assumptions available at the time.
Why it matters
An estimate is not automatically a fixed-price commitment. Its purpose and level of certainty should be stated.
Example in practice
An early estimate uses elemental rates while the design is still too incomplete for a fixed-price quote.
Use the term carefully
State the purpose, information date and review status before using an early forecast as a client commitment.
Compare related terms
Use the price-review checklist to keep the client wording and approved basis consistent.