ROM Cost Estimate Clause Samples
A ROM (Rough Order of Magnitude) Cost Estimate clause defines the provision of a preliminary, high-level estimate of project costs, typically provided early in the planning or proposal phase. This estimate is not a binding quote but rather an approximate figure based on limited information, often expressed as a range or with a stated level of accuracy. The core function of this clause is to give stakeholders an initial sense of potential costs, enabling informed decision-making and early budgeting while acknowledging that actual costs may vary as more details become available.
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ROM Cost Estimate. Summary of Recommendations.
ROM Cost Estimate. ▇▇▇▇▇▇, with the assistance of APR, will review previous cost data and market conditions to develop a ROM cost estimate for the ARFF Training Building concepts. The cost estimate will include both design and construction costs so that GOAA can establish a total project budget. It is anticipated that two rounds of cost estimating will be required; one round of high level construction cost estimates for the initial concepts and a second, more detailed estimate for the final design concept.
ROM Cost Estimate. Following the selection of the preferred alternative and completion of schematic design plans, the Design Team will formulate a strategy to prepare a ROM Cost Estimate to be used in the financial feasibility and phasing analysis. The Design Team, working with the cost estimators, will refine phasing approach and program elements, as needed, to account for either timing or combined construction activities which may impact overall project costs. The ROM Cost Estimate will include definition of AIP eligible/ineligible areas and costs.