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Term Description
Escalation A percentage value applied to Material and Labor costs to account for future cost increases for when a project is built.
Estimate v.to create an estimate or approximation of the cost to build something. n.the results produced by applying costs to various building components, plus markups. (also known as "bids")
Estimating Creating a proposal or quotation of the estimated expenses for a building job, typically using takeoff (or a Quantity Survey) and applying labor and material costs, along with markups.
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