Final account procedures
Published December 2015
Effective from 14 March 2016
Reissued September 2024
This practice information 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 practice information covers:
- contractual definitions of final account
- preparing for final account
- agreeing the final account and
- an example statement of final account.
This is part of RICS' Black Book, which is a collection of technical practice documents that covers all processes throughout the construction project life cycle. The documents are essential development tools for junior professionals working through their APC and useful guides to best practice for more experienced professionals.
A project is currently underway to review and update the Black Book content with the aim of producing a comprehensive new edition. Expected to publish in 2025, the new Black Book will comprise an overarching global professional standard, accompanied by practical guidance material.
This document was reissued in September 2024 as practice information. It had previously been published in December 2015 as a guidance note. No material changes have been made to the document.