Conceptual Estimate definition
Conceptual Estimate means an estimate of construction costs made from the designer's preliminary sketches and outline specification. Conceptual estimating methods should be used when preparing a Guaranteed Maximum Price from incomplete design drawings and specifications.
Examples of Conceptual Estimate in a sentence
During the Preliminary Engineering Design Phase the Process Group will further develop and update the Process Flow Diagrams (PFD's), the Equipment List and the Utility Summary included in the Conceptual Estimate dated November 2, 2000.