Final account procedures

front coverThis 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.

Practical consideration such as advising on the structure of a final account and how to prepare a statement for final account (including examples) will also be considered.

This guidance note is effective from 14 March 2016.

Guidance is given under the following headings that reflect the Assessment of Professional Competence (APC):

  • General principles (Level 1: knowing)
  • Practical application (Level 2: doing)
  • Practical considerations (Level 3: doing/advising).