Tolerances for machining & weldments

is there any type of standard for acceptable tolerances?
e.g. flatness, straightness, racking, etc.

Not really, though some manufacturers will quote standard tolerances of that nature for their products (e.g. bar or sheet stock). In truth, “acceptable tolerances” are going to vary by orders of magnitude for different industries. Optics guys are going to ask for tolerances in the micrometer region, whilst civil engineers might be happy if the dam gets built plus or minus a few feet relative to the drawing.

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Talk to your vendors. Welders tell me they work to ±1/16".

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