Templates | Post Award: Finance, Procurement, Inventory Management-Independent Cost Estimate Example 2 (Transportation)

Independent Cost Estimate Example 2 (Transportation)

Pdf Summary

The Independent Cost Estimate (ICE) is a cost projection prepared by the Knoxville Community Development Corporation (KCDC) based on historical data or current market conditions. This estimate helps determine the expected costs for requested goods or services and is mandated by regulation 24 CFR 85.36(f)(1) and Section 2.3 of the HUD Procurement Handbook 7460.8 Rev 2. The ICE document requires details including the requisition number, description of goods or services, and the estimated cost.<br /><br />Several methods can justify the ICE: comparing recent contract prices adjusted for inflation or market changes (with supporting documentation); using previously obtained detailed cost estimates from potential suppliers; referencing published catalogs or price lists; employing standard price calculation methods like RS Means; or relying on consultant (architect/engineer or estimator) information, all accompanied by appropriate attachments and explanations. Other justification methods can also be noted if detailed.<br /><br />In addition to cost figures, the ICE form requires an explanation of what is included in the estimate and any assumptions made. The document must be completed and signed by the responsible KCDC staff member, including their title and date of completion. This process ensures transparency and adherence to procurement rules when estimating project or service costs.

Keywords

Independent Cost Estimate

ICE

Knoxville Community Development Corporation

KCDC

24 CFR 85.36(f)(1)

HUD Procurement Handbook 7460.8 Rev 2

cost projection

procurement regulations

cost justification methods

project cost estimation