An offer to complete a defined scope for an agreed price, subject to the assumptions, exclusions and adjustment terms stated in the quote or contract.
Why it matters
The price is only as reliable as the scope basis. Undefined work can turn into unplanned cost after acceptance.
Example in practice
The builder issues one fixed total with separate PC sums, provisional work and clear exclusions.
Use the term carefully
State the scope, amount, adjustment method or contract meaning whenever this term could change who carries cost or risk.