A price submitted by a specialist or trade contractor for a stated package of work and commercial basis.
Why it matters
The main estimate should check the quotation's scope, exclusions, validity and interface with other packages before using the total.
Example in practice
The electrical quotation is compared with the tender documents and clarified before it is inserted into the main estimate.
Use the term carefully
State the scope, amount, adjustment method or contract meaning whenever this term could change who carries cost or risk.