I have an estimate from another contractor. Whats the difference between a quote and an estimate?
A. A quote is the legally binding price that the contractor must complete the specified work for. An estimate is only a ball park figure. When working with a contractor ask for a direct quote not an estimate; many contractors will provide a low estimate in order to secure a job knowing the actual cost and invoice will be much higher. When comparing quotes look at the WBS (Work Breakdown Structure) to make sure that you are comparing apples to apples. The lowest quote may not always represent your best value.
