Define  Estimate ?


  An estimate ia an anticipated or probable cost of work,  which is usually prepared before the construction is taken up. Before undertaking any work or project it is necessary to know its probable cost. An estimate prepared by calculating the quantity required and then calculating the cost of available rates, to get the expenditures likely to be incurred in the construction of the work. 



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More Questions from Quantity Surveying and Contracts Management Module 5

Comparison between scrap value and salvage value 


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Define Valuation ? Describe purpose of Valuation. 


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Short note on  : Time of completion 


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Comparison between market value and book value 


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Methods of Valuation 


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Performance Guarantee 


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Liquidated Damages 


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