Keep the final account live while the work is done. This gives the team time to agree clear items and fill record gaps before staff move on to the next job.
A final account agreement can leave payment and retention actions open. Which ones?
Construction Final Account Checklist: Start With The Contract
Show work added or left out, revised quantities and sums that replace contract allowances. Link each change to the instruction, rates and site records.
Check claims and costs charged against you too. Agree clear items as you go, and give missing records an owner and date.
Check Values And Payments
Compare the account with the sums valued and paid so far. Show retention on its own so the account total is not read as the cash still owed.
Check the dates and files needed under the terms. Review trade accounts too, so costs still to be paid stay in the forecast.
The final value is agreed. Does that settle every remaining payment?
- Final value
Contract sum adjusted for agreed changes.
- Payments
Reconcile sums paid and still due.
- Retention
Check each release event and balance.
Reconcile the account value, receipts and retention under their own terms before closing the file.
Read The Final Deal
Record the agreed sum, when it will be paid and which points remain open. Check the wording before you sign, as it can affect rights and later claims.
Agreeing the account may not release retention. Keep the release dates and events in view. Get legal advice if the effect of the deal or a term is unclear.
General guidance. Check your signed contract and the job facts. Get legal advice where needed.