What is the best way to format a bid for a construction or remodeling project?

When you are putting a bid together for a client project, how do you typically structure the bid? What are the key points you highlight?

Does the bid serve as a work agreement or do you typically follow-up with a separate work agreement?

When giving a construction bid we break it down into phases of work. i.e. demolition, masonry, framing, etc. We then break out what will be done under each category so that the customer has the entire project spelled out without any surprises or hidden costs/items.

All major components are highlighted in section titles and followed by bullet point details.

We create a work agreement/contract as a follow-up to the bid. It is based on the initial estimate, but includes final details and a payment schedule and items required by comsumer affairs.