Close Off Your Project With A Final Account
A final account document within construction contains all the financial aspects of the project, as well as any documentation in relation to costs.
What Is A Construction Final Account?
As interim payments are likely to have been made prior to the construction final account being prepared, these will need to be included and deducted from the total outstanding amount, as appropriate. Similarly, any variations which have not yet been covered by interim payments will need to be added to the final account. Often, the presentation of the final account and subsequent final account statement will have been included in the original contract. Typically, construction contracts require contractors to submit the relevant information to the appropriate personnel within six months of completion.
What’s Included In A Construction Final Account Document?
Although a construction final account may sound fairly straightforward, it can require significant planning and research. The work carried out may need to be measured, for example, and then billed for at the previously agreed price set out in the contract. Things that are included in a final account document include:
Valuation of contractor’s work
Value of work which was estimated in prior agreements
Tender adjustments
Profits the contractor may have accrued via suppliers and subcontractors
Outstanding statutory charges, testing and opening up fees, patents, insurances and royalties
Amounts and prime cost sums in relation to each contractor and subcontractor
Allowable amounts under fluctuation clauses
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Your Final Account In Accordance With Your Contract
Whilst some details are included in the final account as standard, any final account should also reflect the contract it relates to. There may be specific clauses governing variation orders, for example, and this could have an impact on what amounts are included in the final account.
Due to this, it’s essential that your chosen quantity surveyor is familiar with the contract and has the opportunity to examine each clause in detail. Whilst it isn’t always necessary for a surveyor to visit a site for the sole purpose of preparing the final account, it is often a practicable way of conducting the relevant measurements.
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Our experienced and expert consultants can help you in every stage of your construction from start to finish, including the final pieces in the final account document. When enlisting the help of our professionals, you can expect the following:
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