Without the benefit of drawings or specifications, would the estimate from Exercise 1 be considered a budget, or a guaranteed maximum price, or a lump sum bid? If your answer was budget, what changes to the estimate and documents would be necessary to transform the estimate into a GMP? What additional changes would be necessary to transform the GMP into a lump sum bid?

Data from exercise 1

Using a cost data guide, such as Means or The Guide, prepare an assemblies estimate for a 2,000 square foot single story residence with at least 20-line items. Apply all of the appropriate markups.