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 estimate should include quantities for all portions of the designed project plus an estimate of allowable contingency during construction. Although bids should be recieved shortly after this point, this cost estimate is neccessary for many owners in order to advertise for bids. For example many states require that a public owner have a formal written estimate of the final design prior to advertising for bids.