Many business owners confuse a quote with an estimate. Legally, however, there are critical differences that can affect your revenue and customer relations.
⚡ The Quick Difference
A quote is a binding agreement. Once accepted, the price is fixed. An estimate is a non-binding cost forecast and can be exceeded by up to 15-20% under specific legal conditions.
Comparison Overview
| Metric | Quote | Estimate |
|---|---|---|
| Binding | Yes (unless stated otherwise) | No (typically) |
| Allowed Overrun | 0% (Fixed price) | Approx. 15-20% |
| Relevance | Firm contracts | Vague/risky project scopes |
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