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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.
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