Estimated Price (Public Tenders)

The estimated price is the price estimated by the contracting authority before the tender that determines the financial limit of the tender. Under State Procurement Law No. 2886 in particular, the rate of the bid bond, the notice and the tender procedure are determined by reference to it. In tenders under Public Procurement Law No. 4734, by contrast, the term estimated cost is used instead. The estimated price must be determined not abstractly or arbitrarily but on the basis of research and documentation, consistently with market prices; otherwise the tender may be cancelled.