As a construction administrator, issuing a final account certificate is a crucial milestone that signifies the contract administrator’s satisfaction with the work and the amount finally due to the contractor. According to the Joint Contract Tribunal (JCT) SBC 11, clause 4.15, an obligation is established to issue a certificate within two months after rectification is complete. However, this timeframe is often exceeded due to various reasons, including the lack of significant retention amounts or the contractor’s focus on more lucrative projects.
In some cases, the delay in issuing the final account certificate may be attributed to changes in premiums to professional indemnity insurance. This is a critical aspect to consider, as it may impact the contractor’s ability to claim the amount due to them. A well-structured final account certificate template can help streamline this process and ensure that all necessary information is included.
Best Practices for Issuing a Final Account Certificate
When issuing a final account certificate, it is essential to ensure that all necessary information is included, such as the contract details, rectification costs, and any changes to the original scope of work. This will help prevent disputes and ensure a smooth transition for both the contractor and the contract administrator.
A final account certificate should also clearly outline the amount due to the contractor, taking into account any deductions or withholdings. It is also crucial to include a clear description of the work completed and the relevant documentation, such as invoices and receipted invoices.
By following these best practices, construction administrators can ensure that the final account certificate is accurate, complete, and timely, reducing the risk of disputes and ensuring a successful project outcome.
Download the Final Account Certificate Template
Download our final account certificate template to streamline the process and ensure accuracy. Our template includes all necessary information, including contract details, rectification costs, and payment instructions.
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