A Formal Estimate is a document that accurately conveys the total expected cost of providing a service or product. It provides a detailed breakdown of the work required, material costs, and estimated labor cost to complete the project. Formal Estimates can be used to negotiate pricing with potential clients or to estimate the cost of projects before they are started. By taking an organized and thorough approach when creating estimates, businesses can ensure they’re making sound decisions when bidding on projects. With an accurate Formal Estimate in hand, you’ll have everything you need to make informed decisions about your business’s operations.