Estimate
/ˈɛstɪmət/
Definitions
- (n.) An approximate calculation or judgment of value, quantity, or extent, used especially in legal contexts such as damages or costs.
The court reviewed the plaintiff’s estimate of the repair costs.
- (v.) To roughly calculate or judge the value, number, quantity, or extent of something, often for legal or contractual purposes.
The contractor estimated the total cost of the renovation.
Forms
- estimates
- estimated
- estimating
Related terms
See also
Commentary
In legal drafting, specifying whether an estimate is binding or non-binding is crucial to avoid disputes over cost or damages projections.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.