Construction Final Account Statement
The Final Account Statement is used when a construction contract is completed and the contractor and sub-contractor agree the final price.
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This is an extremeley important document. It prevents any latent claims and signals an end to all disputes or potential disputes.
A typical Final Account Statement should always contain the following:
"I/We being the subcontractor for the work and services described above do hereby agree that the statement above shows the correct value (in the amount due box) and final payment for all monies owed in relation to this contract and voids any further monitory claims by the subcontractor against the Contractor for this contract."
"Further to the above, I/we being the aforementioned subcontractor, do hereby state that all amounts due to our employees, subcontractors and material suppliers in relation to this contract are not the responsibility of the Contractor and have/will be settled by the subcontractor."
The Freelance Quantity Surveyor provides a Final Account Statement template download.