JCT Final Account

What is the Final account payment timeline process under a JCT 2016 TC?

No PC was issued by the CM, however we have submitted our final account 8 weeks ago ( and 12 weeks from actual completion), and after pushing for an assessment still yet to receive anything. Am i right to treat this within the same time frames as interim valuations?

cl. 4.25.2 states 3 month period from receipt of a contractors account submission? Surely a contractor is not expected to go this duration + without any payment for works?

1 Like

Firstly the Employer’s Agent should have issued a Practical Completion Statement and you should ask the EA for one.

Secondly Interim Payments are required to be issued every month unto the date when the Final Statement is issued. So if you have applied for an Interim Payment after practical completion then in theory you are due to be paid what you applied for. This is what we would call a smash and grab valuation.

Thirdly I would seek expert advice on this to make sure you have complied with the Contract.

I would be happy to help with this. Regards