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21 Cards in this Set
- Front
- Back
What is the final account? |
Detailed statement of all the adjustments to the contract sum and therefore the total amount that the employer is liable to pay, together with the basis on which it was calculated
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Who prepares the final account? What is its purpose? |
The QS prepares it to enable the issue of the final certificate |
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What are the relevant time periods? |
Within 6 months of PC contractor sends Arch/QS all info for final adjustment of contract sum. |
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When must the final certificate be issued? |
Two months from the latter of: |
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What must the final certificate state? |
1) Total adjusted contract sum |
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What is released to the contractor in the final certificate? |
The remaining retention |
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When is the final date for payment after issue of the final certificate? |
28 days |
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Can amounts be withheld? |
Yes, if normal procedures are followed (written notice 5 days before final date for payment and reasons for withholding)
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What are the usual constituents of a final account? |
1) Summary |
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When are provisional sums to be used? |
For items that cannot be fully defined at time of tender |
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When are approximate quantities to be used? |
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What are the constituents if it is a remeasurement contract? |
1)Summary |
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What is the procedure for getting the final account agreed? |
1) Once prepared, the QS should send all of the detail and supporting evidence to the contractor |
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What is the final certificate conclusive evidence of? |
1) That any work, goods or materials that are expressly described in the contract as having to be to the architect’s satisfaction are so, NOT all other work, materials or goods |
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Explain more about work that has to be the architect’s satisfaction? |
No definition of ‘reasonable satisfaction’ in the contract |
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Can accidental inclusions / exclusions or arithmetical errors be corrected? |
Yes |
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What if adjudication or arbitration proceedings have been commenced before the Final Certificate? |
The final certificate is taken as conclusive evidence of the matters at the earlier of: |
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How do adjudication / arbitration decisions affect the final certificate? |
The final certificate is subject to the decisions, judgements and awards of the proceedings |
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How long does a party have to commence proceedings after the issue of the Final Certificate? |
28 days |
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What is the significance of this? |
1) The parties do not have very long to decide whether or not to start proceedings |
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Even if unchallengeable on its merits, what grounds can the final certificate be set aside? |
1) Final certificate issued at the wrong time or by the wrong person |