Settling a final account can be a long drawn out process, bringing together all financial aspects of the contract. The goal is, of course, to agree a fair valuation of the works undertaken by the building contractor and enable the contract administrator to issue the final certificate, thereby concluding the project works.
Reaching an agreement between parties may involve much negotiation and the final accounts prepared from these should be able to withstand the most stringent financial audit as it is legally binding.
Once agreed, the final accounts will necessitate the financial settlement with the building contractors and the issuing of a final certificate.
RICS standards and guidance
- RICS property measurement
- UK commercial real estate agency
- New rules of measurement
- QS and construction standards
- Residential property standards
- Valuation standards
- List of RICS standards and guidance
- RICS standards and guidance archive
- Preparing the final account
- Signed final account statement
- Example structure for a final account
- Other things to consider when preparing a final account