Quotation
A formal written document from a contractor stating the fixed price they will charge to complete a specified scope of work, including materials and labour.
A quotation (or quote) is a contractor’s written commitment to carry out a defined scope of work for a stated price. Unlike an estimate, which is an approximation, a quote is typically a fixed price — the contractor is agreeing to do the work for that amount.
Quote vs. estimate
| Quote | Estimate | |
|---|---|---|
| Price commitment | Fixed price — contractor is bound to it | Approximate — final cost may differ |
| Detail level | Detailed breakdown of work and costs | Often high-level, less specific |
| When to use | When scope is clearly defined | When scope is still being refined |
| Legal standing | Generally binding once accepted | Not binding |
What a good quote includes
- Detailed description of all work to be carried out
- Material specifications and quantities
- Labour costs
- Timeline with key milestones
- Payment schedule
- Validity period (typically 30 days)
- Terms and conditions
- What’s included and what’s excluded
How many quotes should I get?
For any renovation project, get at least three quotes from different contractors. This helps you understand the market rate, compare approaches, and identify any outliers. Make sure each contractor is quoting against the same scope of work for a fair comparison.