What happens when a final price is provided?

At construction documentation, when a final price is provided, the all-in number converts into a higher level of detail that includes, for example, the final count of units, number of appliances, and serial numbers. How do you know if an estimate or final price is accurate?

What is the difference between an estimate and a final price?

The main difference between an estimate and the final price is the level of detail. An estimate (also called a pre-estimate) occurs at the design schematic phase and provides the real cost of a project with the best information at hand.

How do you calculate final price?

The following example problems outline how to calculate Final Price. First, determine the initial price ($). The initial price ($) is given as: 40. Next, determine the percentage change (%). The percentage change (%) is provided as: 30. Finally, calculate the Final Price using the equation above:

What is a best and final offer?

A best and final offer is a call to interested parties to submit the most ideal contract conditions. It is often the final round of discussion during the sale of a property; once the best and final offers are in, the seller often selects the best one and works directly with the buyer with the most favorable terms.