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Final Account Procedures, 1st edition

Final Account Procedures, 1st edition

This guidance note summarises what a final account is and how they are used to establish a final adjustment to the contract price. It is effective from 14 March 2016.

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 is also discussed.

Included in this guidance note:

  • contractual definitions of final account
  • preparing for final account
  • agreeing the final account
  • an example statement of final account.