Is there a difference between contractual and non-contractual final account timescales in the final account process of a construction contract?

Contractual final account timescales ensure a mechanism of enforceable compliance for the agreement of the final account.

Some contracts do not stipulate a timescale. Instead, there is an expectation that the final account is being prepared on an ongoing basis during the works. The timing for the final account should be agreed upon by the time the last instructed compensation event has passed.

Non-specific timescales which are not laid out clearly in the construction contract will mean that the parties’ rights concerning the final interim account and/or final payment will likely be governed by the statutory terms implied in the contract by the Scheme for Construction Contract Regulations 1998.