The following Construction practice note provides comprehensive and up to date legal information covering:
The expression 'final account' refers to the consolidated financial summary which is presented by the contractor to the employer after all work has been completed. This summary will demonstrate the total sum the contractor considers due to it for the works that it has actually carried out, as distinct from the works that were set out in the contract when it was originally executed.
Prior to the final account stage, most building contracts will provide for interim payments to be made to the contractor as the works progress—see Practice Note: Interim payments in construction contracts.
In its final account, the contractor includes all of its valid contractual claims for additional payment. Under some forms of contract, the contractor’s obligation is only to provide the documents which are necessary for the employer to calculate the final account.
The final account wraps up all that has gone on, in respect of payment to the contractor, over the term of the contract. While it may be possible for the parties to agree on much of it, the process of trying to reach such agreement can often be a complicated, time-consuming and adversarial process, which can lead to formal disputes.
On a well-administered project, the final account will be the culmination of a process that has been ongoing since the start of
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