Preparing the final account
Roles and timings
The surveyor is required to work in accordance with terms of the contract and negotiate the final account with the contractor. Best practice would suggest that the surveyor to structure the final account at the commencement of the project.
It is the surveyor's ultimate responsibility to prepare the final account and the surveyor should 'dictate' the terms under which they wish to work. The early decisions taken will inform the later structure of the final account and once the contractor is actually in place, the surveyor must clearly explain what they require.
It is the contractor's responsibility to provide ALL information to the surveyor within a set period of time after practical completion, to enable the surveyor to prepare the final account.
Agreeing cost as completed
Best practice is for the surveyor and the contractor to measure, value and agree on the costs of each element of work as it is completed.
For example, it is much easier to agree on the costs of the substructure while the foundations are visible rather than waiting for say 12 months to the end of the contract when they are not accessible and indeed when many other facets of the project may have further clouded the issue.
It is also important to appreciate that people change their jobs and that will include ALL disciplines working on the scheme. Therefore, it is crucial to work closely with the people involved on the scheme at any given time and get signed agreements to the elemental final accounts as they are completed.
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Who does what when |
JCT Minor Works |
JCT Intermediate form |
JCT Standard form |
GC Works 1 |
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Who prepares the final account? |
The CA prepares the final account Clause 4.8.1 |
The CA/QS prepares the final account Clause 4.13 |
The CA/QS prepares the final account Clause 4.5 |
The QS prepares the final account Clause 49.2 |
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How is the final account prepared? |
The contractor must provide to the CA/QS all necessary info that he wants taken into account. Clause 4.8.1 |
The contractor must provide to the CA/QS all necessary info to be taken into account. Clause 4.13.1 |
The contractor must provide to the CA/QS all necessary info to be taken into account. Clause 4.5.1 |
It is the QS responsibility to prepare a document that takes account of all matters that have materially affected the original contract sum. Clause 49(2) |
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When is the information to be provided to the CA/QS? |
The contractor must provide all the necessary information within the period stated in the contract particulars. Clause 4.8.1 |
The contractor must provide all the necessary information within 6 months of the date of practical completion. |
The contractor must provide all the necessary information within 6 months of the date of practical completion. Clause 4.5.1 |
Not a responsibility on the contractor to provide any information. Clause 49 makes no reference. |
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When is the final account required to be issued? |
The CA must issue the final account to the contractor within 28 days after receipt of all the information. Clause 4.8.1 |
The CA/QS must issue the final account to the contractor within 3 months of receipt of all the information. Clause 4.13.1 |
The CA/QS must issue the final account to the contractor within 3 months of receipt of all the information. Clause 4.5.2 |
The QS must issue the final account to the contractor for approval within 6 months of practical completion. The contractor then has 3 months to approve or reject with reasons. |
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Who issues the final certificate? |
The CA issues the final certificate. Clause 4.8.1 |
The CA issues the final certificate. Clause 4.14 |
The CA issues the final certificate. Clause 4.15 |
The project manager issues the final certificate. Clause 48 |
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When is the final certificate issued? |
The CA shall issue the final certificate within 28 days of receipt of all the information requested having been provided by the contractor. Clause 4.8.1 |
The CA shall issue the final certificate within 28 days of having sent the final account to the contractor or from date of issuing Making good defects certificate Clause 4.14.1 |
The CA shall issue the final certificate within 2 months of having sent the final account to the contractor or from end of rectification period or from date of issuing Making good defects certificate Clause 4.15.1 |
The project manager issues the final certificate after the expiry of the Maintenance period and assuming that the final account has been agreed. Clause 49(5) |
Table 2