Updating the Estimated Cost

The recalculation or correction of the estimated cost having regard to price changes occurring in the period between the date on which it was first calculated and the date of the tender. This is done in order to ensure that the work subject to the tender is assessed on a realistic cost consistent with market conditions. In updating the estimated cost, price indices, market price research, the price lists published by the relevant institutions and changes in unit prices are generally taken into account.