Final Account
Definition
The final account is the agreed financial settlement of all sums due between the contractor and employer at the end of a construction project. It accounts for the original contract sum, all agreed variations, adjustments to provisional sums and PC sums, fluctuations (if applicable), and any other contractual entitlements.
In construction tendering, this means...
Agreeing the final account can be one of the most protracted parts of a construction project, often taking months or years after practical completion. GCs need to ensure all variations are properly instructed and priced throughout the project, keep clear records of all additional costs, and manage subcontractors' final account claims carefully.
Takshy automates the parts of the tendering process that involve final account, extracting scope, managing documents, and keeping your workflow organised from first document to final award.
Automate your tendering with Takshy
Understanding the terminology is step one. Takshy handles the rest, from extracting scope from project documents to sending structured RFQs and managing the returns.
Still using spreadsheets? See how Takshy compares.