Quote
In construction and other arenas of business, a quote (short for ‘quotation’) is a priced summary of the work to be undertaken, or the materials to be supplied or the services to be provided. Usually, the price stated in the quote will be an estimate that is based on information about the job given by a client to a supplier. In the UK construction industry, a quote may also be referred to as a tender or bid.
A supplier usually prepares a quote as a direct response to a client who may be considering using the supplier’s services. If the client finds the resulting quote acceptable, they may award the supply contract to that supplier. However, the client may obtain quotes from a number of potential suppliers, and may then select the most economically advantageous to them. This may not necessarily be the lowest priced quote - as other selection criteria such as track record, availability, duration of the works, staff capabilities and so on, may also be considered.
The accuracy of a quote will depend in part on the nature of the project involved. For example, the supply of 1,000 bricks would normally allow a supplier to write an accurate quote based on the known cost of bricks, the cost of delivery, any added tax and so on. In contrast, a quote for the construction of foundations may be a rough estimate as it may not reflect any unforeseen circumstances that may occur during excavation and which could cause delay and incur extra costs for the builder. Though an early estimate, it is still a quote that may be recalculated when more information about the project comes to light. It is important in this case for the contract to make clear who accepts the risk if the actual costs differ from the price given in the quote. For more information see: Fixed price.
A quote may have a time limit associated with it, after which the price offered is no longer available and may have to be re-calculated. It may also include terms and conditions of supply if there is no separate contract associated with the quote.
In the field of investment, a quote is the price of a share or investment commodity that is ‘quoted’ to a client and is the last (latest) price that the share was traded at.
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
Future Homes Standard Essentials launched
Future Homes Hub launches new campaign to help the homebuilding sector prepare for the implementation of new building standards.
Building Safety recap February, 2026
Our regular run-down of key building safety related events of the month.
Planning reform: draft NPPF and industry responses.
Last chance to comment on proposed changes to the NPPF.
A Regency palace of colour and sensation. Book review.
Delayed, derailed and devalued
How the UK’s planning crisis is undermining British manufacturing.
How much does it cost to build a house?
A brief run down of key considerations from a London based practice.
The need for a National construction careers campaign
Highlighted by CIOB to cut unemployment, reduce skills gap and deliver on housing and infrastructure ambitions.
AI-Driven automation; reducing time, enhancing compliance
Sustainability; not just compliance but rethinking design, material selection, and the supply chains to support them.
Climate Resilience and Adaptation In the Built Environment
New CIOB Technical Information Sheet by Colin Booth, Professor of Smart and Sustainable Infrastructure.
Turning Enquiries into Profitable Construction Projects
Founder of Develop Coaching and author of Building Your Future; Greg Wilkes shares his insights.
IHBC Signpost: Poetry from concrete
Scotland’s fascinating historic concrete and brutalist architecture with the Engine Shed.
Demonstrating that apprenticeships work for business, people and Scotland’s economy.
Scottish parents prioritise construction and apprenticeships
CIOB data released for Scottish Apprenticeship Week shows construction as top potential career path.
From a Green to a White Paper and the proposal of a General Safety Requirement for construction products.
Creativity, conservation and craft at Barley Studio. Book review.
The challenge as PFI agreements come to an end
How construction deals with inherited assets built under long-term contracts.
Skills plan for engineering and building services
Comprehensive industry report highlights persistent skills challenges across the sector.
Choosing the right design team for a D&B Contract
An architect explains the nature and needs of working within this common procurement route.
Statement from the Interim Chief Construction Advisor
Thouria Istephan; Architect and inquiry panel member outlines ongoing work, priorities and next steps.