If costs were properly tracked throughout the project, the only difference between the last formal cost report in the final tally should be changes or discrepancies in the period between the last planning reports in the final tally. As with all other changes to the contract amount, any changes should be communicated periodically to the employer by the monthly cost report. The final bill should be the formalization of fluctuation calculations under the treaty. This case highlights a non-collaborative approach to final accounting which, due to lack of communication, leads to effectively setting aside the entire evaluation of the final balance sheet. The deadlines for the final counting agreement vary from contract to contract, with some being very prescriptive and others less so. (and note that some treaty changes may change these timelines). The term “final invoice” refers to the consolidated financial summary statement that the contractor submits to the employer after the completion of all work. This summary will indicate the total amount that the contractor is considering for the work actually performed for the work he has done, as opposed to the work that was fixed during the initial execution in the contract. Approval of the final account allows the contract administrator to issue the final certificate. The final certificate is conclusive that all patent defects have been corrected, all adjustments to the contract amount have been agreed upon and all claims have been settled. Latent defects can also occur after the contract is concluded and may result in damages, breach of contract or negligence. For these reasons, obtaining such an agreement can take time and often be contradictory.
While effective contract management through the work will undoubtedly bear fruit during the final counting phase, there may be a number of other issues to deal with before the account can close, for example. B: With respect to the final account, it is the employer`s responsibility to deduct from the final account the amount charged against. Most of the preparatory work should have been done in advance so that the final balance sheet meeting could focus on agreeing on the few outstanding issues that are likely to be suspended. The closing meeting should certainly not be the first time the parties have seen the positions of the other party; This would indicate that the change control process did not work properly. Was the transaction agreement a complete and final settlement or did it allow for other claims? However, the best advice is always: if you receive a closing/certificate account, you should always take care of it urgently or it may become mandatory. If in doubt, consult yourself. When a final specification of the item is adopted, all variants are reflected at a primary cost in the final count. Progress on the status of open-air assistance should be communicated at regular intervals through monthly financial reports.
Therefore, the final account should only include spreadsheets that are not included in the last financial report. Both the employer (or employer`s representative) and the contractor sign the final account extract to ensure that the final figure is the complete and final tally of all claims, etc. The final account count triggers a final statement of account and allows the contract administrator to issue the final certificate. The final account closes everything that happened during the term of the contract with respect to the payment to the contractor. While the parties can agree on many things on this issue, the process of obtaining such an agreement can often be a complex, time-consuming and adversarial process, which can lead to formal litigation. Most contracts have conditions for the submission of loss and expense claims and extensions of time, so that they can be removed on the grounds that they are excluded from the exercise of a right on the grounds that they are excluded from the exercise of their rights, in the event that a contractor submits a final account containing the
