Construction Cost Estimating: Basics and Beyond |Smartsheet

May 26, 2017 · Level 5: Bid Estimate: An estimate prepared by the contractor, based on construction documents. The bid estimate is the basis of the bid price offered to the customer. A simpler system of classifying estimates features just three primary categories: design estimates, bid estimates, and control estimates.

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The detailed cost estimate will tell you exactly how much material you need at each stage so that you can procure and budget the construction material properly. 1.5) Prevent delay in project/Prevent material leakage & theft: Majority of the money wasted in construction is due to the delay in material procurement as each material needs some time ...

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