What are the timescales for a contractual final account process in a construction contract?
Timescales for the final account process vary from contract to contract. It is vital to follow the timescales set out in the contract for final account submission — otherwise, this can lead to a dispute.
A JCT contract gives a timeframe of two or three months after receipt for the final account to be confirmed.
In contrast, NEC contracts do not specify a final account period but anticipate that this matter will be agreed as the contract progresses.
Each contract will have a different process and timescales. Both parties must be aware of the specific timeframes before work begins. Amendments to a standard contract at the negotiation stage could change the timescales.