Completion of bidding documents (including any bid addenda issued)- At completion of the bidding documents, the CM should prepare the definitive estimate for use by the owner in establishing its project construction budget. This estmate should include quantties for all portions of the designed project plus an estimate of allowable contingency during construction. Although bids should be receved shortly after this point, this cost estmate is neccessary for many owners in order to advertise for bids. For example many states require that a public owner have a formal written estmate of the final design prio to advertising for bids.