Estimating Practice Exam

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What is another term for a bid in the construction industry?

Offer
Tender
Estimate only
Proposal only

The correct answer is: Tender

In the construction industry, a bid is commonly referred to as a tender. This term encompasses the formal process where a contractor submits a proposal to undertake a specific project for a designated price. Tenders are typically part of a competitive bidding process where various contractors present their bids to the project owner or client in response to a request for proposals or tender invitation. Using the term "tender" reflects the formal nature of this process, involving not just the price, but also the specifications and terms under which the work will be completed. This is crucial for both legal and contractual obligations in construction projects. Therefore, while "offer" might convey a general idea of proposing a price, it lacks the formal context that "tender" provides in the construction industry. Similarly, "estimate only" and "proposal only" do not fully capture the comprehensive nature of a bid that includes all requirements and details associated with the project.