Final account procedures
This guidance note summarises what a final account is and how they are used to establish a final adjustment to the contract price.
The practical issues of how to prepare a final account in accordance with the contract and the process of cooperation between the parties and negotiation will also be discussed.
This guidance note covers:
- contractual definitions of final account;
- preparing for final account;
- agreeing the final account; and
- an example statement of final account.
This 1st edition guidance note is effective from 14 March 2016.
This is part of the RICS QS and Construction Standards.