ABSTRACT
The final account stage of a contract is the process during which the quantity surveyor determines the final cost of a project, based on the form of contract, original priced bill of quantities, variations, drawings, and agreed contractor claims. The final account should be prepared during the contract period, as some of the detail required will have been used during the preparation of variations and interim certificates and not left until the contract in complete. The final account is composed of the Statement of Final Account; final account summary; adjustment of provisional sums; adjustment of provisional items; adjustment of variation account; adjustment for fluctuations; and adjustment for contractors' claims. It is sometimes the case that a bill of quantities contains sections that are marked 'PROVISIONAL'. Typically, this may be the substructure, external works and drainage as these items cannot be measured accurately. All omissions are entered in red, whereas all additions are in black.
