The final account is the conclusion of the contract sum and signifies the agreed amount that the employer will pay the contractor.
section 4E1
Latent defects may not become apparent until a few or many years after the completion of the project whereas patent defects on the other hand, are the one that are immediately obvious.
Limitation is a time-limit of when a party can raise a claim and is provided for in the Limitation Act 1980, although parties can agree in a contract that a shorter or longer limitation period will apply.
The Penultimate Certificate is produced by the Contract Administrator stating that the Contractor has achieved Practical Completion.
If the Client requests from the Contract Administrator to issue Partial Completion for specific sections of the works/site in order to obtain occupancy.
The Certificate of non-completion is issued by the Contract Administrator when the Contractor fails to meet the agreed Date of Practical Completion.
The date of Practical Completion is the date set be the Contract Administrator and agreed by the Contractor that all works under the contract will be completed.
Practical completion is the point in construction when the Contract Administrator confirms the completion of construction works of a project.
Partial Practical Completion is the passing of control and responsibility of a site’s completed areas back to the Client while there are still works to be done in other areas of the site scheduled to be completed at a later time.
Both the rectification and maintenance period start as soon as the project reaches Practical Completion and run for the same time approximately.
Liquidated damages are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance).
A snagging list is one that lists all these minor defects or omissions that the contractor still needs to make right, before Practical Completion.