Final Account

A Final Account in construction to be made plain is the financial end settlement of the Contractors account.  This process involves a thorough review of all the financial documentation, including, but not limited to, valuing the original contract sum and any variations and changes in the original scope that would have taken place during the lifespan of the Contractor’s work.

Typically, the Final Account sum is prepared in advance of the Contractor’s work being completed.  This gives all parties involved in the Contract an opportunity to exchange and negotiate on their respective positions, particularly regarding any variations that would have been administered under the Contract.  This process should take place several months in advance of the account being finalized, so as to give all parties an opportunity to resolve any outstanding disputes and claims that may exist on the account.

The Quantum Resolution, Professional Commercial Consultancy Practice, London

Quantum Resolution is able to prepare and administer this process which would involve a review of all documentation pertaining to the settling of the Final Account in an accurate and precise manner, ensuring the documentation is completely reflective of the works that had been undertaken in accordance with the Contract. An overview of our services to prepare the Final Account would include, but not be limited to:

  • A detailed evaluation of the Contractors services.
  • Final Account Meetings with the Contractor to discuss, negotiate and exchange information
  • A clear valuation of Provisional Sums and Prime Cost Sums
  • Day Works would be included for any services that may be undertaken on an ad hoc basis
  • A review of any Loss and expense claims/reimbursement accurately assessed and included
  • Any Financial Adjustments to be made due to Fluctuation Clauses in the Contract
  • Contra Charging
  • Written confirmation of the Contractors agreement of the Final Account Settlement figure in writing
  • Issuance of Final Account Certificate for the Final Payment to the Main Contractor
  • Release of Retention – The amount would be stipulated in the Contract Documents
  • Identification of any Patent and Latent Defects.
  • A clear statement showing the original Contract sum, what has been paid and amounts due to be paid, including any variations that would have taken place during the Contract Period as well as the aforementioned items

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