Final account - Revision history

Designing Buildings at 08:05, 3 February 2023

2023-02-03T08:05:49Z

← Older revision		Revision as of 08:05, 3 February 2023
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		+	[[File:MoneySterling.jpg]]
		+
	Construction contracts generally provide some mechanism for the final payment to be made to the contractor on completion of the works described in the contract. Generally this payment will be made at the end of the defects liability period providing that all patent defects have been rectified.		Construction contracts generally provide some mechanism for the final payment to be made to the contractor on completion of the works described in the contract. Generally this payment will be made at the end of the defects liability period providing that all patent defects have been rectified.

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	If the client intends to pay a different amount from that shown on the certificate, they must give notice to the contractor of the amount they intend to pay and the basis for its calculation (a 'pay less notice' - see Housing Grants, Construction and Regeneration Act for more information).		If the client intends to pay a different amount from that shown on the certificate, they must give notice to the contractor of the amount they intend to pay and the basis for its calculation (a 'pay less notice' - see Housing Grants, Construction and Regeneration Act for more information).

−	= Related articles on Designing Buildings ~~Wiki~~ =	+	See also: Outturn cost.
		+
		+	= Related articles on Designing Buildings =

	* Accounting.		* Accounting.

Designing Buildings at 05:19, 31 August 2020

2020-08-31T05:19:19Z

← Older revision		Revision as of 05:19, 31 August 2020
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	* Whole-life costs.		* Whole-life costs.

−	[[Category:~~Articles_needing_more_work~~]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]

Editor at 11:47, 15 March 2019

2019-03-15T11:47:39Z

← Older revision		Revision as of 11:47, 15 March 2019
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	If the client intends to pay a different amount from that shown on the certificate, they must give notice to the contractor of the amount they intend to pay and the basis for its calculation (a 'pay less notice' - see Housing Grants, Construction and Regeneration Act for more information).		If the client intends to pay a different amount from that shown on the certificate, they must give notice to the contractor of the amount they intend to pay and the basis for its calculation (a 'pay less notice' - see Housing Grants, Construction and Regeneration Act for more information).

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki =
−		+
−	=== Related articles on Designing Buildings Wiki ===	+

	* Accounting.		* Accounting.
		+	* Campaign for cash retentions reform.
	* Contract sum.		* Contract sum.
	* Contract sum analysis.		* Contract sum analysis.

Editor at 16:30, 13 December 2017

2017-12-13T16:30:14Z

← Older revision		Revision as of 16:30, 13 December 2017
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	* Cost consultant.		* Cost consultant.
	* Cost plans.		* Cost plans.
		+	* Cost reporting.
	* Cost value reconciliation.		* Cost value reconciliation.
	* Defects.		* Defects.

86.21.180.216 at 17:04, 16 May 2017

2017-05-16T17:04:11Z

← Older revision		Revision as of 17:04, 16 May 2017
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	* The release of any remaining retention.		* The release of any remaining retention.

−	Agreeing the final account can be a complicated, time consuming and adversarial process, often resulting in disputes. The process can be made easier if adjustments to the contract sum are agreed as the project progresses rather than saving them up for the end. It is also beneficial if the client's quantity surveyor and the contractor's quantity surveyor work together on drafts of the final account before agreement it sought. It is preferable that a draft copy of the final account is signed off by the contractor as an 'in full and final settlement' prior to issue.	+	Agreeing the final account can be a complicated, time consuming and adversarial process, often resulting in disputes. The process can be made easier if adjustments to the contract sum are agreed as the project progresses rather than saving them up for the end. It is also beneficial if the client's quantity surveyor and the contractor's quantity surveyor work together on drafts of the final account before agreement is sought. It is preferable that a draft copy of the final account is signed off by the contractor as an 'in full and final settlement' prior to issue.

	Agreement of the final account will allow the contract administrator to issue the final certificate. The final certificate is conclusive that all patent defects have been remedied, all adjustments to the contract sum have been agreed and all claims settled. Latent defects may still become apparent after completion of the contract and these may give rise to action for damages, for breach of contract or negligence.		Agreement of the final account will allow the contract administrator to issue the final certificate. The final certificate is conclusive that all patent defects have been remedied, all adjustments to the contract sum have been agreed and all claims settled. Latent defects may still become apparent after completion of the contract and these may give rise to action for damages, for breach of contract or negligence.

Editor at 11:45, 22 November 2016

2016-11-22T11:45:28Z

← Older revision		Revision as of 11:45, 22 November 2016
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	* Cost value reconciliation.		* Cost value reconciliation.
	* Defects.		* Defects.
		+	* Escrow.
	* Final certificate.		* Final certificate.
	* Fluctuations.		* Fluctuations.

Editor at 15:23, 4 July 2016

2016-07-04T15:23:10Z

← Older revision		Revision as of 15:23, 4 July 2016
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	=== Related articles on Designing Buildings Wiki ===		=== Related articles on Designing Buildings Wiki ===

		+	* Accounting.
	* Contract sum.		* Contract sum.
	* Contract sum analysis.		* Contract sum analysis.

Editor at 09:44, 3 February 2016

2016-02-03T09:44:23Z

← Older revision		Revision as of 09:44, 3 February 2016
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	* Pre-tender estimate.		* Pre-tender estimate.
	* Prime cost sums.		* Prime cost sums.
−	* Provisional sums	+	* Provisional sums.
		+	* Retention bond.
	* Scott schedule.		* Scott schedule.
	* Tender pricing document		* Tender pricing document

Editor at 17:11, 2 February 2016

2016-02-02T17:11:26Z

← Older revision		Revision as of 17:11, 2 February 2016
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−
	Construction contracts generally provide some mechanism for the final payment to be made to the contractor on completion of the works described in the contract. Generally this payment will be made at the end of the defects liability period providing that all patent defects have been rectified.		Construction contracts generally provide some mechanism for the final payment to be made to the contractor on completion of the works described in the contract. Generally this payment will be made at the end of the defects liability period providing that all patent defects have been rectified.

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	The contract sum may need to be adjusted for a number of reasons, including:		The contract sum may need to be adjusted for a number of reasons, including:
−	*Variations.	+
−	*Fluctuations.	+	* Variations.
−	*Prime cost sums.	+	* Fluctuations.
−	*Provisional sums.	+	* Prime cost sums.
−	*Payments to nominated sub-contractors or nominated suppliers.	+	* Provisional sums.
−	*Statutory fees.	+	* Payments to nominated sub-contractors or nominated suppliers.
−	*Payments relating to the opening-up and testing of the works.	+	* Statutory fees.
−	*Loss and expense.	+	* Payments relating to the opening-up and testing of the works.
−	*Liquidated and ascertained damages.	+	* Loss and expense.
−	*Contra claims imposed as a result of the contractor's operations (such as a third-party claim resulting from contractor negligence or contractual breach, for example, flooding a neighbour's property).	+	* Liquidated and ascertained damages.
−	*The release of any remaining retention.	+	* Contra claims imposed as a result of the contractor's operations (such as a third-party claim resulting from contractor negligence or contractual breach, for example, flooding a neighbour's property).
		+	* The release of any remaining retention.

	Agreeing the final account can be a complicated, time consuming and adversarial process, often resulting in disputes. The process can be made easier if adjustments to the contract sum are agreed as the project progresses rather than saving them up for the end. It is also beneficial if the client's quantity surveyor and the contractor's quantity surveyor work together on drafts of the final account before agreement it sought. It is preferable that a draft copy of the final account is signed off by the contractor as an 'in full and final settlement' prior to issue.		Agreeing the final account can be a complicated, time consuming and adversarial process, often resulting in disputes. The process can be made easier if adjustments to the contract sum are agreed as the project progresses rather than saving them up for the end. It is also beneficial if the client's quantity surveyor and the contractor's quantity surveyor work together on drafts of the final account before agreement it sought. It is preferable that a draft copy of the final account is signed off by the contractor as an 'in full and final settlement' prior to issue.
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	=== Related articles on Designing Buildings Wiki ===		=== Related articles on Designing Buildings Wiki ===
−	*Contract sum.
−	*Contract sum analysis.
−	*Cost consultant.
−	*Cost plans.
−	*Cost value reconciliation.
−	*Defects.
−	*Final certificate.
−	*Fluctuations.
−	*Housing Grants, Construction and Regeneration Act.
−	*Liquidated damages.
−	*Loss and expense.
−	*New Rules of Measurement.
−	*Pre-tender estimate.
−	*Prime cost sums.
−	*Provisional sums
−	*Scott schedule.
−	*Tender pricing document
−	*Variations.
−	*Whole-life costs.

−	[[Category:Articles_needing_more_work]]	+	* Contract sum.
−	[[Category:Construction_management]]	+	* Contract sum analysis.
−	[[Category:Contracts_/_payment]]	+	* Cost consultant.
−	[[Category:Cost_/_business_planning]]	+	* Cost plans.
−	[[Category:Procurement]]	+	* Cost value reconciliation.
		+	* Defects.
		+	* Final certificate.
		+	* Fluctuations.
		+	* Housing Grants, Construction and Regeneration Act.
		+	* Liquidated damages.
		+	* Loss and expense.
		+	* New Rules of Measurement.
		+	* Outturn cost.
		+	* Pre-tender estimate.
		+	* Prime cost sums.
		+	* Provisional sums
		+	* Scott schedule.
		+	* Tender pricing document
		+	* Variations.
		+	* Whole-life costs.
		+
		+	[[Category:Articles_needing_more_work]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]

Designing Buildings: Reverted edits by 60.52.49.144 (talk) to last revision by Designing Buildings

2015-12-14T16:02:43Z

Reverted edits by 60.52.49.144 (talk) to last revision by Designing Buildings

← Older revision		Revision as of 16:02, 14 December 2015
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−	Construction contracts may not specifically require the preparation of a final account, although they generally do require the contractor to provide all documents necessary for the adjustment of the contract sum within a specified time, and set out the time scale for and consequences of issuing the final certificate.

	Construction contracts generally provide some mechanism for the final payment to be made to the contractor on completion of the works described in the contract. Generally this payment will be made at the end of the defects liability period providing that all patent defects have been rectified.		Construction contracts generally provide some mechanism for the final payment to be made to the contractor on completion of the works described in the contract. Generally this payment will be made at the end of the defects liability period providing that all patent defects have been rectified.
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	Preparing the final account is the process of calculating and agreeing any adjustments to the contract sum (the amount originally set out in the contract to be paid to the contractor for completion of the works) so that the amount of the final payment can be determined. The amount of the final payment is then set out in the final certificate (or final statement). It is possible for the final certificate to show that money is owed to the client, rather than due to the contractor.		Preparing the final account is the process of calculating and agreeing any adjustments to the contract sum (the amount originally set out in the contract to be paid to the contractor for completion of the works) so that the amount of the final payment can be determined. The amount of the final payment is then set out in the final certificate (or final statement). It is possible for the final certificate to show that money is owed to the client, rather than due to the contractor.

		+	Construction contracts may not specifically require the preparation of a final account, although they generally do require the contractor to provide all documents necessary for the adjustment of the contract sum within a specified time, and set out the time scale for and consequences of issuing the final certificate.
		+
		+	The contract sum may need to be adjusted for a number of reasons, including:
		+	*Variations.
		+	*Fluctuations.
		+	*Prime cost sums.
		+	*Provisional sums.
		+	*Payments to nominated sub-contractors or nominated suppliers.
		+	*Statutory fees.
		+	*Payments relating to the opening-up and testing of the works.
		+	*Loss and expense.
		+	*Liquidated and ascertained damages.
		+	*Contra claims imposed as a result of the contractor's operations (such as a third-party claim resulting from contractor negligence or contractual breach, for example, flooding a neighbour's property).
		+	*The release of any remaining retention.
		+
		+	Agreeing the final account can be a complicated, time consuming and adversarial process, often resulting in disputes. The process can be made easier if adjustments to the contract sum are agreed as the project progresses rather than saving them up for the end. It is also beneficial if the client's quantity surveyor and the contractor's quantity surveyor work together on drafts of the final account before agreement it sought. It is preferable that a draft copy of the final account is signed off by the contractor as an 'in full and final settlement' prior to issue.
		+
		+	Agreement of the final account will allow the contract administrator to issue the final certificate. The final certificate is conclusive that all patent defects have been remedied, all adjustments to the contract sum have been agreed and all claims settled. Latent defects may still become apparent after completion of the contract and these may give rise to action for damages, for breach of contract or negligence.
		+
		+	Where proceedings have begun in relation to a dispute, the conclusiveness of the final certificate is subject to the findings of those proceedings.
		+
		+	In addition, the final certificate itself can be disputed (usually within 28 days). Adjudication, arbitration or other dispute resolution procedures may then be necessary to resolve the dispute. The final certificate is then only conclusive in relation to matters that are not disputed.
		+
		+	If the client intends to pay a different amount from that shown on the certificate, they must give notice to the contractor of the amount they intend to pay and the basis for its calculation (a 'pay less notice' - see Housing Grants, Construction and Regeneration Act for more information).
		+
		+	= Find out more =

		+	=== Related articles on Designing Buildings Wiki ===
		+	*Contract sum.
		+	*Contract sum analysis.
		+	*Cost consultant.
		+	*Cost plans.
		+	*Cost value reconciliation.
		+	*Defects.
		+	*Final certificate.
		+	*Fluctuations.
		+	*Housing Grants, Construction and Regeneration Act.
		+	*Liquidated damages.
		+	*Loss and expense.
		+	*New Rules of Measurement.
		+	*Pre-tender estimate.
		+	*Prime cost sums.
		+	*Provisional sums
		+	*Scott schedule.
		+	*Tender pricing document
		+	*Variations.
		+	*Whole-life costs.

−	[[Category:Articles_needing_more_work]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]	+	[[Category:Articles_needing_more_work]]
		+	[[Category:Construction_management]]
		+	[[Category:Contracts_/_payment]]
		+	[[Category:Cost_/_business_planning]]
		+	[[Category:Procurement]]