What is referred to as the contractor's price for performing the work as specified?

The term that refers to the contractor's price for performing the work as specified is commonly known as the proposal. A proposal is a comprehensive document that outlines the contractor's plan for the project, detailing the scope of the work, the materials to be used, and the total costs involved. It is typically provided to the client as a formal offer to undertake a job under specified conditions.

A well-prepared proposal not only includes the monetary aspects but also may address timelines, methodologies, and other important details that help the client make an informed decision. The proposal serves as a foundational document that precedes any formal contract, and it is often one of the first steps in the bidding process.

The other terms have distinct meanings in the context of construction and contracting. A bid usually refers to the competitive pricing submitted by contractors in response to a request for proposals, often in a competitive context. An estimate is generally a calculation of potential costs and may not be as detailed or binding as a proposal. A contract is a formal agreement that outlines the obligations of both parties, which follows the acceptance of the proposal.