| Term........................... |
Estimate |
PGID#..........10630000 0100 |
| In the Context of........... |
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Term Type....Root 1 |
| Also See In Context of... |
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| Note............................... |
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| Definition........................ |
A pre-production document formulated by a licensor based on a project description provided by the licensee. Typically describes work to be produced and licensed, the scope of the license to be granted, any terms and conditions applicable to the transaction, and the fees and costs for the project and license. |
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| Additional Info............... |
Unlike a bid, an estimate is a best effort approximation of fees and costs - expected to be reasonably accurate but not necessarily precise. Estimates are typically subject to variance, which May or May not be negotiated in advance. An estimate May be legally binding whether or not it is signed by a licensee, provided the licensee is presented with the estimate, indicates acceptance of the terms and authorizes the licensor to proceed. It is best to ensure that estimates or job confirmations ARE signed by the commissioning party or licensee. |
| Term In Use................. |
"We told the customer we could provide an estimate for producing 10 photographs on location." |
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| Variations...................... |
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| Plural............................ |
Estimates |
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Note: Synonyms, antonyms & related terms coming soon
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| PLUS Usability Rank....... |
None |
| Preferred Term.............. |
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