Estimating Practice Exam

Is the recap format for takeoff items consistent for both unit-price and lump-sum bids?

1. True

2. False

3. Only for government contracts

4. Only for private contracts

The correct answer is: False

The recap format for takeoff items is not consistent for both unit-price and lump-sum bids, which is why the statement is false. In unit-price bids, each item is measured and priced individually, allowing for a detailed breakdown of quantities, unit costs, and extended costs for each component. This means that the recap format must reflect this granular level of detail, showing how costs accumulate based on the specific quantities of work required. In contrast, lump-sum bids encompass all costs into a single price for completing the entire project, without providing a detailed itemization of quantities and unit costs. Here, the recap format tends to be more generalized, focusing on the overall project cost rather than the breakdown of individual items. This distinction in bidding approaches leads to a difference in the presentation and organization of the takeoff items in the recap format, confirming that consistency does not exist between the two types of bids.