THE FINAL ACCOUNT

Latent defects insurance is available, but must be arranged at the outset of the project. You should seek specific advice.

Once the main construction activity is over, work continues on settling the accounts for the building work. The ease and speed with which this is done depends upon the type of contract used and any changes that have occurred since the original contract was made. The process can be completed in a few weeks or take many months, depending upon the circumstances. The final account brings together all the financial issues relating to the contract and includes the settlement of any claims made by the builder. The final resolution of these may require protracted negotiation. The issue of the final certiflcate has the effect of closing the right of either party to make further claims under the contract except in relation to defects.

Source: CIRIA guide

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