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Ensuring transparency and clarity at the end of your project
Reliable Final Account Services for
Accurate Project Closure
Our final account services provide a thorough and accurate assessment of your project’s costs, helping you settle contracts with confidence. At Reltic, we ensure all costs are accounted for, disputes are resolved, and your project is closed on a positive note.
What is a Final Account in Construction?
A final account in construction is a comprehensive financial statement that represents the agreed-upon total cost of a project between the contractor and the client. It serves as the official financial closure, ensuring that all contractual obligations, payments, and cost variations are accurately documented and settled.
The final account outlines the complete financial summary of the project, including:
Original Contract Sum – The agreed cost of the project as stated in the contract before any changes.
Variations & Changes – Adjustments to the scope of work, materials, or labour that impact the final cost.
Provisional Sums – Estimated costs for work that was not fully defined at the beginning of the project.
Loss & Expense Claims – Compensation for unexpected delays, disruptions, or additional costs incurred.
Retentions & Final Payments – Withheld sums released after completion to ensure compliance.
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Why is the Final Account Process Important?
A well-managed construction final account guarantees:
Financial Transparency – Ensures every cost is justified and recorded.
Dispute Resolution – Prevents payment disputes between parties.
Cash Flow Stability – Ensures timely payments, avoiding strain.
Legal Compliance – Meets contractual and industry regulations.
Without a structured final account settlement, you risk financial discrepancies, delayed payments, and contractual conflicts.
Our Final Account Services
At Reltic Construction Consultants, we offer a comprehensive final account service, tailored to contractors, subcontractors, and developers. Our expertise covers:
Final Account Preparation
We ensure every project cost is documented, including variations and claims. Our team reviews all expenses, ensuring financial transparency and accuracy in the final account. This prevents discrepancies, ensuring a fair final settlement for contractors and clients alike.
Negotiation & Agreement
Our team acts as a neutral mediator, facilitating fair agreements between contractors and clients. We ensure all parties reach a mutually beneficial settlement, resolving disputes and avoiding delays. Our goal is a swift, clear, and satisfactory financial conclusion for all.
Cost Reconciliation
We ensure all variations, additional work, and deductions are properly accounted for. Our team meticulously reconciles costs, aligning with contract terms. This prevents financial discrepancies, ensuring a clear and accurate final account for contractors and clients.
Dispute Resolution & Payment Release
We resolve payment disputes efficiently, offering expert advice to prevent delays. Our team ensures the proper release of retention payments and compliance with contract terms, guaranteeing a smooth final account settlement without conflicts or financial issues.
Common Questions
A final account is a comprehensive financial statement between the contractor and the client, summarising all costs and adjustments made throughout the project. It includes the agreed contract sum, variations, and any final payments or deductions.
A final account ensures transparency, accuracy, and financial closure at the end of a project. It helps avoid payment disputes, clarifies outstanding amounts, and ensures all costs are properly documented, leading to a smooth and fair financial settlement.
Contract variations are changes to the original scope of work, whether adding, omitting, or modifying the contract terms. These variations must be documented and accounted for in the final account to ensure the correct payment is made for the additional or modified work.
If disputes arise, we offer expert dispute resolution services to mediate and find a fair resolution. Our goal is to prevent delays and ensure both parties are satisfied with the final settlement through clear, transparent negotiation and agreement.
Retention payments are typically released once the project is complete and any outstanding defects have been rectified. We ensure that retention payments are managed according to the contract terms and promptly released when all conditions are met.
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