What financial document outlines the costs associated with a construction project?

The budget is the financial document that specifically outlines the costs associated with a construction project. It details all anticipated expenses, including labor, materials, permits, equipment, and contingency funds, providing a comprehensive overview of the financial requirements for the project. The budget serves as a crucial tool for both the contractor and the client, helping to ensure that the project stays on track financially and allowing for proper allocation of resources throughout the construction process.

While the contract sets the terms of the agreement between parties and may include payment schedules, it does not break down individual costs. The scope of work defines the project's specific tasks and deliverables, outlining what needs to be done but not providing cost details. A lien waiver is a document that relinquishes a contractor's or supplier's right to claim a lien against the property for amounts due, which is unrelated to the budgeting or cost assessment of the project.