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Final Accounts
Why Are Final Accounts Important?
Because most construction contracts allow for a final payment to be made at the end of a project subject to satisfactory completion a final account must be drawn up to determine the final payment amount.
What Are Final Accounts?
Final accounts calculate adjustments made to the original contract sum taking into account any variations, damages and payments to suppliers. When all factors are taken into consideration the final account shows the amount payable by the client or indeed in some circumstances owed back to the client.
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