Not to exceed (NTE),
Definition of Not to exceed (NTE):
In contract negotiations, the commitment by the vendor that the value of an interim estimate (plus contingency allowances) will not exceed the amount of the firm proposal and estimates to be submitted at a later date. A NTE value, however, may be adjusted upward or downward depending on the changes in the scope of work or in the associated specifications.
Meaning of Not to exceed (NTE) & Not to exceed (NTE) Definition