Building contract variations and final accounts.
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Building contract variations and final accounts.

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Published by Newnes [label: Hollywood-by-the-Sea, Fla., Transatlantic Arts in London .
Written in English


  • Buildings -- Specifications.,
  • Construction industry -- Accounting.

Book details:

Edition Notes

LC ClassificationsTH425 .C46
The Physical Object
Pagination326 p.
Number of Pages326
ID Numbers
Open LibraryOL5844157M
LC Control Number62001145

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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 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 :// /sector-standards/construction/black-book/final-account-procedures. Slightly oddly, the NEC contract contains many processes designed to iron out and avoid or resolve disputes as the works proceed but does not have a final account or final statement type process. Perhaps the intention was that each payment cycle would come and go, differences would be resolved at each stage, and at the end of the works the last   Preparing for Final Account. The preparation of the final account occurs throughout the contract ial statements prepared by the quantity surveyor will A bit of extra effort in record-keeping during the project will save much time and energy in settling the final account. Don’t leave it all to the end. It is tempting to leave dealing with the impact of variations and instructions until the final account, but raising issues for the

A Final Account in construction contracts is the agreed statement of the amount of money to be paid at the end of a building contract by the employer to the contractor. A final account brings about a sense of finality to the negotiations leading up to the agreement of the Final Account between the parties to the    ‘Notional’ final accounts caused by the contractor going into liquidation or administrative receivership.. 17 Appendix A: Example statement of final account 18 • valuing variations to the contract with the contractor to enable agreement of the final account • advising on the cost implications of loss and expense claims /black-book/   ADVERTISEMENTS: Accounting Procedure Regarding Contract Accounts! A contract account is prepared by a Contractor. A contract, by and large, involves an agreement between parties who undertake jobs, such as construction of a dam or a building or a ship; laying down railway lines or roads etc. Generally a contract is a big job requiring considerable [ ] Chapter 5 Preparation of Final Accounts with Adjustments

is a platform for academics to share research ://   FIDIC (RED BOOK) A BRIEF OVERVIEW AND COMPARISON WITH FIDIC Contract Price / Variations / Claims / Interim and Final Account Termination Contract Administration generally. 4 FINAL ACCOUNTS DESCRIPTION GC FIDIC GC FIDIC Final Payment Cert/   To provide stringent post contract cost control and to expedite the settlement of Final Accounts, Quantity Surveyors shall aim at having periodic cost review meetings with the Contractors to settle the valuation of instructed variations. To achieve this, Quantity Surveyors shall: 1. Take the initiative, at the commencement of the contract, to This Practice Note looks at how variations to the works are dealt with under JCT contracts. Variations (or Changes) are defined in Section 5 of the JCT Standard Building Contract (SBC) and Design and Build Contract (DB) and have an impact on numerous other provisions throughout the :// //Issues-in-construction-contracts/Variations.