Final account

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.

This section is maintained by Chris Tunbridge of BLB Surveyors. 

RICS standards: Final account procedures

RICS standards: Interim valuations and payment