ABSTRACT
The final account is the amount payable to the Contractor after the completion of the works in accordance with whatever contract is being used. It reconciles the amount finally paid with the initial contract sum. In essence, on entering the building contract the parties are agreeing both to work to a contract sum and to work on the basis of the contract sum in costing variations. The JCT design and build contract DB2011 also makes provisions for settling the final account, but the approach and terminology are different. In design and build contracts it is normal for the Employer to provide limited information in the Employer's Requirements, rather than the detailed documentation characteristic of a traditional bills of quantities project. This contract puts the onus on the Architect to present the final account, but this is to be based on the receipt of all documentation reasonably required for computation of the final payment.
