Is it possible to start a conversation about re-estimating the cost of a project if you have already been selected as a contractor?

Question

Freelance

I estimated the cost of completing the project at x dollars. Some time after the start of execution, when I had already fully delved into the terms of reference, I realized that I had not guessed correctly with the assessment. Is it possible in such a situation to start a conversation about the revaluation of the cost, or is it already incorrect. Have you been in this situation and what decision did you make?

Answer 1

This is an absolutely normal situation. It is impossible to foresee all pitfalls. The main thing is that you clearly explain the reason for the price increase.

Answer 2

Can.

Answer 3

"Such a situation" can be too different, there are thousands of nuances, so no one got into your situation.
And you can always start negotiations, another question is how you will conduct them. Again, only you can decide.

Answer 4

I always do it if something goes wrong

Answer 5

Depending on how much you value your reputation and how big the project is. If you have to do it for 3 days instead of two, then you can score and silently take responsibility for your jamb. If 3 years instead of 2, then apologize and inform the client.

Answer 6

Yes you can, no problem.
if the project is not exactly the same as you did before - then you are guaranteed to have clarification of details and detection of pitfalls during development.
Modern approaches deal with "uncertainty" with complexity and workload through iterative agile development. That is, you first make a rough sketch of the service (a very very primitive non-working prototype), then at each new stage of work you start working on its details, and take payment and fix the amount of work for one such improvement iteration.
I usually offer 4-5 such iterations, which allows, for example, to make a more or less functional service, only time will tell how functional it will be, if the customer is not enough, he simply buys additional iterations from me.
At each iteration, the customer has a working draft, just different in terms of the quantity and quality of details, so there are no problems with the fact that something was not taken into account, or something needs to be added, at each stage this is further discussed.
You just need to understand that for the vast majority of unique projects, such iterations can simply be endless (as long as the service exists, there will always be something else that needs to be added or improved).