- Project plans
- Project activities
- Legislation and standards
- Industry context
Last edited 05 Jan 2018
Post tender estimate
The New Rules of Measurement (NRM) are published by the Royal Institute of Chartered Surveyors (RICS). They provide a standard set of measurement rules for estimating, cost planning, procurement and whole-life costing for construction projects.
According to NRM2: Detailed measurement for building works, a post tender estimate is:
|…a cost estimate carried out after the evaluation of tenders to corroborate the funds required by the employer to complete the building project.|
A post tender estimate should be prepared after tender evaluation and any tender negotiations or tender adjustments have been completed, but before the final decision to invest is made by the client. It includes known construction costs, design team fees, other development/project costs (where these are part of the cost plan) and residual risks.
The purpose of the post-tender estimate is to confirm the amount of funding that will be required in order to complete the project, allowing the client to satisfy themselves that sufficient funding will be available. It may also be used as the control estimate during the construction process.
NB: A pre-tender estimate (PTE) is the final estimate of the likely cost of the works described by the completed tender documents. It provides a final comparison with the budget, and along with the cash flow estimate enables the client to confirm that sufficient funds are available before committing to seeking tenders. For more information see: Pre-tender estimate.
 Related articles on Designing Buildings Wiki
- Approximate quantities cost plan.
- Bills of quantities.
- Cash flow projection.
- Contract sum analysis.
- Cost consultant.
- Cost plan.
- Elemental cost plan.
- Initial cost appraisals.
- Investment decision maker.
- Pre-tender estimate.
- Tender evaluation.
- Tender negotiation.
- Tender pricing document.
Featured articles and news
Everything you need to know about acoustics in under 800 words.
Check out our list of the 90 most unusual buildings of all time.
The government is to set a personal consumption target to reduce water use.
BSRIA calls for more education to promote fuels that are fit to burn.
Michael Gove admits air pollution is making people ill and shortening lives.
BRE call for a clearer, focused drive for the delivery of sustainable, quality developments.
Proposals for a 140m high observation wheel next to the Tyne.
Consistently one of our most popular articles - so just how much do you know about BoQ's?
Significant updates encourage whole building life cycle assessment and recognise products with Environmental Product Declarations.
Gustavo Giovannoni’s role in integrating modern planning requirements into historic town centres.