The document prepared by the principal agent that reflects the final contract value of the works at final completionor termination.
The principal agent has ninety (90) calendar days from the date of practical completion to resolve and agree the final account (private sector application). The final payment can only be made after the Certificate of Final Completion has been issued
The principal agent must issue regular (monthly) Payment Certificates until the final payment certificate is issued – these could be in a nil amount whilst the final account is being resolved – the contractor may owe the employer money
The same applies in public sector applications. This period includes time for the principal agent to liaise with the employer before issuing the final account to the contractor. The principal agent must concurrently produce a reconciliation of the amount VAT due/recovered
See: 6.1P-26.10; 5.0P-34.0; 4.1P-34.0; 6.1N-26.1; 5.0N-34.0; 4.1N-34.0; 5.1M-20.7; 4.0P-13.10; 3.1P-13.10