# Estimate Review and Approval Form Template

> Source: https://netray.co/tools/estimate-review-and-approval-form-template
> Publisher: Netray (netray.co), AI and integration engineering for ERP and manufacturing systems.
> Section: Free Tools

## Short answer

A one-page gate that records cost, margin, risks and approvals before a manufacturing quote is released.

## Category

cost-finance

## Industry

Discrete Manufacturing

## Audience

- Estimator
- Sales manager
- Controller

## Tool

**Kind:** template

**Output:** document

**Fields:**

#### Quote or RFQ number

**Key:** quote_no

**Type:** text

**Default:** Q-26-1184

#### Customer

**Key:** customer

**Type:** text

**Default:** Northfield Aerostructures

#### Part or assembly

**Key:** part_no

**Type:** text

**Default:** BRK-4410 Rev C

#### Estimator

**Key:** estimator

**Type:** text

**Default:** R. Mehta

#### Review date

**Key:** review_date

**Type:** date

**Default:** 2026-10-20

#### Total estimated cost

**Key:** total_cost

**Type:** number

**Default:** 48500

#### Proposed price

**Key:** price

**Type:** number

**Default:** 61200

#### Gross margin percent

**Key:** margin

**Type:** number

**Default:** 20.8

#### Policy minimum margin percent

**Key:** min_margin

**Type:** number

**Default:** 18

#### Key risks and mitigations

**Key:** risks

**Type:** textarea

**Default:** Tight flatness tolerance may raise scrap. Aluminum plate price exposed for 30 days. Outside anodize lead time of 5 days not confirmed.

#### Recommendation

**Key:** decision

**Type:** select

**Options:**

- Release as quoted
- Release with changes
- Escalate to management
- No quote

**Default:** Release as quoted

**Blocks:**

#### Estimate Review and Approval

**Body:** Quote: {{quote_no}}
Customer: {{customer}}
Part: {{part_no}}
Estimator: {{estimator}}
Date: {{review_date}}

#### Financial summary

**Table:**

**Columns:**

- Measure
- Value

**Rows:**

**0:** Total estimated cost

**1:** {{total_cost}}

**0:** Proposed price

**1:** {{price}}

**0:** Gross margin percent

**1:** {{margin}}

**0:** Policy minimum margin percent

**1:** {{min_margin}}

#### Risks and mitigations

**Body:** {{risks}}

#### Review checks

**Table:**

**Columns:**

- Check
- Done
- Comment

**Rows:**

**0:** Drawing revision and specs confirmed

**0:** Routing, setup and run times checked

**0:** Material and outside process prices current

**0:** Capacity and lead time confirmed

**0:** Assumptions and exclusions page attached

#### Recommendation

**Body:** {{decision}}

#### Approvals

**Signatures:**

- Estimator
- Operations or engineering
- Sales manager
- Controller (if below policy margin)

**Notes:** This is a general internal form. Adapt thresholds to your own approval policy. If your quality system requires a contract review record, check that the fields cover what your standard asks for.

## Content

**Intro:** A quote is a commitment, and most bad ones are not caught because nobody looked at them together. This form puts cost, margin, risks and approvals on one page so a second person can review before release. Fill it in and export a PDF or Word copy.

**Sections:**

#### How to use the form

**Body:** The estimator fills the header and financial summary from the estimate, then writes the real risks, not generic ones. Reviewers tick the checks, add comments and sign. Route to the controller only if margin falls below policy. Keep the signed copy with the quote file. The decision field forces a clear recommendation: release, release with changes, escalate or decline. A declined quote with a reason is useful data too.

**Bullets:**

- Use the same form for every quote above a set value
- Attach the assumptions and exclusions page
- Record who approved, not just that it was approved

#### What the review should test

**Body:** Reviewers should test the inputs that drive cost, not re-estimate everything. Are the setup and run times consistent with similar jobs? Are material and outside processing prices current? Is capacity real in the weeks promised? Does the margin meet policy after allowing for scrap and rework? Margin here is gross margin: (price minus cost) divided by price, which is not the same as markup on cost. Mixing the two is a common source of underpriced work.

#### Reading the margin

**Body:** In the example, cost of 48,500 and price of 61,200 gives a gross margin of about 20.8 percent, above the 18 percent floor. That passes policy but the risk text matters: if scrap runs higher than assumed, the margin may fall below the floor. Reviewers should ask what scrap rate the estimate carries and whether the risk justifies a contingency or a higher price.

#### Common mistakes

**Body:** Approving on margin alone, skipping capacity checks, relying on a verbal OK, and not storing the form where order entry can find it. For regulated customers, contract review may be a quality system requirement, so check your standard. Where possible, link the form number to the quote in the ERP so approvals are traceable when the job is audited or repriced.

**Cta:** If you want approvals routed and recorded inside your ERP, we can help set up a read-only margin check that flags quotes under policy before release.

**Faq:**

#### Who should approve a manufacturing quote?

**Answer:** At minimum the estimator and a second reviewer from operations, engineering or sales. Add a controller or manager when margin is below policy or value exceeds a set threshold. Define the thresholds in writing.

#### What is the difference between margin and markup?

**Answer:** Margin is profit divided by price. Markup is profit divided by cost. A 25 percent markup equals a 20 percent margin. Use one consistently on the form, and say which, so approvers read it correctly.

#### Is this form a contract review record?

**Answer:** It can support one, but check your quality standard for required content. Aerospace and automotive customers often expect documented review of requirements and capability. Add fields your standard requires.

#### Should declined quotes use the form?

**Answer:** Yes, a short entry. Recording why you declined, such as capacity or margin, helps you spot patterns in lost work and tune pricing and capacity planning.

## Search terms

estimate review and approval form, quote approval form manufacturing, contract review checklist template, quote margin approval template, estimator sign off form, bid review form template, quote release authorization

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