Quote
A fixed price commitment from a contractor for specified work.
Definition
A quote (or 'firm quote') is a binding price that the contractor agrees to honor for a defined scope of work over a specified time period.
In plain English
Unlike an estimate, a quote locks in the price. If costs go up during the job, the contractor absorbs the difference unless the scope changes.
Example
A painter provides a written quote of $3,200 to paint a 2,000 sq ft interior, valid for 30 days.
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