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
Shading for housing, a design guide
A look back at embedding a new culture of shading.
The Architectural Technology Awards
The AT Awards 2025 are open for entries!
ECA Blueprint for Electrification
The 'mosaic of interconnected challenges' and how to deliver the UK’s Transition to Clean Power.
Grenfell Tower Principal Contractor Award notice
Tower repair and maintenance contractor announced as demolition contractor.
Passivhaus social homes benefit from heat pump service
Sixteen new homes designed and built to achieve Passivhaus constructed in Dumfries & Galloway.
CABE Publishes Results of 2025 Building Control Survey
Concern over lack of understanding of how roles have changed since the introduction of the BSA 2022.
British Architectural Sculpture 1851-1951
A rich heritage of decorative and figurative sculpture. Book review.
A programme to tackle the lack of diversity.
Independent Building Control review panel
Five members of the newly established, Grenfell Tower Inquiry recommended, panel appointed.
Welsh Recharging Electrical Skills Charter progresses
ECA progressing on the ‘asks’ of the Recharging Electrical Skills Charter at the Senedd in Wales.
A brief history from 1890s to 2020s.
CIOB and CORBON combine forces
To elevate professional standards in Nigeria’s construction industry.
Amendment to the GB Energy Bill welcomed by ECA
Move prevents nationally-owned energy company from investing in solar panels produced by modern slavery.
Gregor Harvie argues that AI is state-sanctioned theft of IP.
Experimental AI housing target help for councils
Experimental AI could help councils meet housing targets by digitising records.
BSRIA Occupant Wellbeing survey BOW
Occupant satisfaction and wellbeing tool inc. physical environment, indoor facilities, functionality and accessibility.