FREE 3+ Bid Estimate Samples in PDF

A bid was defined as an offer or proposal that contains detailed terms and conditions and is used to pursue an opportunity that delivers products or services. In the business industry, a bid refers to an application provided by an individual or company to a bid solicitor to be chosen as a supplier or vendor. Biddings are most commonly used in government as a procurement strategic plan to improve transparency and ensure enhanced quality control. A solicitor can be a private or public institution or an individual who needs a specific service or product.

3+ Bid Estimate Samples in PDF

1. Sample Bid Estimate Template

2. Cost Estimating Bid Simulation Template

3. Bidding Estimate incorporating Bid Position

4. Bid Estimating Manual

What Is a Bid Estimate?

A bid estimate refers to an estimate submitted by a contractor to a company owner and can be a competitive bidding or a bid that was decided after a deal or negotiation. This document includes information on the construction cost, general overheads, and profit. The solicitor or company owner usually informs the contractor of the details of specific procurement requirements for possible suppliers and provides them with the bid terms and conditions. The bidders refer to the companies or contractors who presented a bid to aim for the position of the solicitor’s official supplier of goods.

How to Write a Bid Estimate

A cost estimate is a document that is a project management tool used by contractors to calculate the expected costs of completing a project. The contractors determine the specifications of a project such as its scope of work and look for the raw materials and labor resources they will need. A bid estimate is submitted with a project proposal to provide the solicitor with an estimate of the job they will be bidding on. The solicitor will review the bid and compare it with other estimates. Therefore, bidders need to know how to make a comprehensive and effective bid estimate.

Step 1: Make Sure You Understand the Project

Before starting with your bid document, make sure you have deep knowledge of the project’s purpose and your client’s business goals. You can learn more about it by reading the job description but it is more effective to ask your client for additional information if necessary.

Step 2: Learn More About Your Client

Understanding your client enables you to create a bid proposal that will impress them while expressing how your company fits the job. If your client is an organization, you can research it by exploring its website to evaluate its issues and values.

Step 3: Analyze Your Competition

No matter what type of project you have, there will be other companies and people who compete for the same opportunity as you to offer their products or services. Perform a competitor analysis to write a bid proposal that will make your company stand out.

Step 4: Offer Additional Product or Service

To ensure the uniqueness of your company, you can include additional products or services in your proposal. You can also add samples of your products or services and reviews from satisfied clients to present how qualified and fitting your company is to the project.

FAQs

A bid is a term used to describe an offer made by a trader, dealer, or investor to purchase a certain asset or to compete for a particular contract agreement with another business or company to establish a secure and long-term business partnership. A bid estimate is commonly used by larger commercial or construction companies and government projects with a clear scope of work.