movingestimatesWhile moving to a new city, you need a moving company to move your goods and you get an estimate from the company. You may not know that these estimates are of three types. (Courtesy: http://www.movingscam.com/) Knowing about these types is definitely useful.

Binding Not-To-Exceed

This type of estimate is the best for you. Under this type of estimate, you are liable to pay the amount given as estimate, if the actual weight of your goods is more than the estimated weight. And if the actual weight is less, you are liable to pay the amount as per the actual weight. Therefore in any case you are favored. This type of estimate is never higher. It is always lower.

Binding

According to binding estimate, you pay only the amount given in the estimate, regardless of actual weight, maybe it is more or less than the estimated weight. If both the parties are honest, this is the fairest type of estimate. In this type, both you and the mover are at risk. You are at risk because the mover can highball the estimate so that he can get more money for the weight which is not actually present. The mover is at risk because you, i.e. the consumer, can slip extra items while packing, which were not included while giving estimate. However, the risk to you is more, because the driver of truck can legally challenge the binding estimate on the day of loading, prior to actual loading, if he feels that the estimate is too less.

Non-Binding

This type of estimate makes it necessary for you to pay as per the actual weight, based on the rate fixed per pound. In this type, the final bill can become higher or lower than the estimate. If the bill amount is more, the mover can collect 10% extra added to the estimated amount, on the delivery date. On this, he should deliver all the goods by law. You are liable to get 30 days (may change to 15 days soon) to pay the balance if any. Thus, if your non-binging estimate is of $1,000 and the final bill amount is $2,000, the mover can collect $1,100 from you on the delivery date and should give the full delivery. Then you are liable for a 30 days period to pay the balance of $900.

Knowing these various types of estimates will be very useful to you and you can choose more wisely among them.

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