RF convergence of radar and communications users is rapidly becoming an issue for a multitude of stakeholders. To hedge against growing spectral congestion, research into cooperative radar and communications systems has been identified as a critical necessity for the United States and other countries. Further, the joint sensing-communicating paradigm appears imminent in several technological domains. In the pursuit of co-designing radar and communications systems that work cooperatively and benefit from each other's existence, joint radar-communications metrics are defined and bounded as a measure of performance. Estimation rate is introduced, a novel measure of radar estimation information as a function of time. Complementary to communications data rate, the two systems can now be compared on the same scale. An information-centric approach has a number of advantages, defining precisely what is gained through radar illumination and serves as a measure of spectral efficiency. Bounding radar estimation rate and communications data rate jointly, systems can be designed as a joint optimization problem.