The dynamics of a contractor quotation varies from one country to another. This is because general contractors come up with different formats in outlining their quotations depending on the prevailing laws and policies in their country. However, one thing is clear: a contractor quotation is also considered as a non-binding agreement. It is somewhat likened to an project estimate made by a general contractor regarding a specific transaction.
If you have a hard time formatting your contractor quotation, on this page are 9+ contractor quotation samples and templates that showcase quotation ideas and uses. As a builder or agent, the templates can surely help you.
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What Are Included in a Contractor’s Quotation?
One should not confuse contracts with quotations. A contract template is a binding agreement between two or more parties that contain that documents and provides the terms and conditions of the agreement. It is established when there is a meeting of the minds between the contracting parties and a consensual decision to be bound by the provisions of it.
On one hand, a quotation is a nonbinding contract. It only becomes binding once a contract is created and established after its approval. As defined by Business Dictionary, it is a document that contains the terms of the transaction, the corresponding payment required, and other pertinent warranties. In line with this, here are some important elements of a contractor’s quotation: You may also check Quotation Format
- Firm details. This includes the name, current address of the firm, and other contact details. You also need to include your service tax number and a copy of the last income tax return of the firm.
- Basic bank details. Depending on the general contractor, you can provide limited bank details such as the name and address of the bank.
- Corresponding advised or proposed rates. In here, you can make a table outlining the name of the items, the number of units needed per day, and the quoted rate with service tax.
To clearly grasp how the following elements are written and arranged in a contractor’s quotation, you can check out our quotation samples, especially the pro-forma contractor’s quotation templates.
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How to Effectively Negotiate with Contractors
In dealing with contractor’s quotations, you should know how to choose and effectively negotiate with the right contractors. Always take into account that the dynamics of your project will be greatly affected by your chosen contractor. Here are some tips that you may consider:
- Always choose quality work. Nowadays, there are a lot of general contractors that offer low price range in a specific time scale. However, some people are also suffering from low quality works which can be costly along the way. Indeed, it is not about the price range or how fast can a specific project be accomplished. It all boils down to the quality of one’s work. You may also checkout Professional Quotation Templates.
- Do extensive research. Research can open your mind to various choices and options. You can also ask experts for advises for you to come up with a reasonable and sound decision.
- Don’t settle easily. You can get at least 3 to 5 bids and estimates for a certain project before you settle. be keen in checking out the provided price quotations.
These are just tips that you may consider in negotiating with contractors. You will also learn more along the way. To help you more, you can check out these sample construction contracts.