Definitive Estimates are also referred to as what?

Definitive Estimates are indeed commonly referred to as Tender Estimates. This term reflects the purpose and context of these estimates in project management and construction. Tender Estimates provide a detailed and accurate forecast of the costs associated with a project, often used when a project is at a stage where detailed drawings and specifications are available. This enables contractors to prepare bids or tenders for the work based on these comprehensive cost estimations.

The label "Tender Estimate" highlights the formality and precision required in preparing these estimates, as they are typically used in competitive bidding scenarios where contractors submit their proposals to win projects. A Tender Estimate generally includes a thorough review of labor, materials, overhead, and profit margins, aligning closely with actual anticipated costs.

In contrast, the other types of estimates mentioned serve different purposes. Concept Estimates provide a preliminary analysis and rough approximation of costs at the project's initial stages. Budget Estimates serve as a baseline for financial planning and are less detailed than Tender Estimates. Rough Estimates do not involve the level of detail that Tender Estimates entail, as they are often based on limited information.

Overall, calling Definitive Estimates "Tender Estimates" underscores their role in the formalized bidding process within project execution.