What is a final account in a construction contract?
The final account is the statement that settles the contract sum after all variations, provisional sums, claims and deductions such as liquidated damages. Under PSSCOC 2020, the contractor submits a final payment claim within 90 days of substantial completion, the Superintending Officer issues a draft final account within 30 days after the DLP ends, and a Final Account Certificate follows. Smaller private contracts should set a simpler timetable.
From the RRD Field Guide, checked against the sources cited in Defects Liability Period and Retention Money in Singapore: DLP, Maintenance Period, Final Account and Late Defects. General information, not advice for your project.
The fuller picture
The defects liability period (DLP), called the maintenance period in SIA contracts, is the window after completion in which the contractor must return and fix defects. Retention is typically released half at completion and half when the DLP ends. Later defects can still be claimed: generally within 6 years, or for negligence 3 years from knowledge, subject to a 15-year long-stop.
More questions on this topic
- What is the difference between the defects liability period and the maintenance period?
- How much retention money is usually held in Singapore?
- When should retention money be released?
- Can I still claim for defects found after the defects liability period ends?
- How long do I have to sue for a latent defect in Singapore?
- Can the owner fix defects using another contractor and deduct the cost?
- Does SOPA apply to claims for retention money?