Estimate vs quote
An estimate is your best judgement of the cost when some details aren’t known yet. A quote is a fixed price for defined work. Use an estimate early, then firm it up into a quote or a statement of work once the scope is clear.
- State the assumptions the figure depends on.
- Say what could make it go up or down, and by roughly how much.
- Agree how the client will be told before costs exceed the estimate.