As per PPA type Conditions of Contract Art.57.1, final account is the amount decides by the Engineer and payable to the Contractor depending on a detailed account of the total amount that the contractor considers payable under the contract.įINAL PAYMENT and FINAL ACCOUNT As per Art 3272(1) of Civil Code of Ethiopia, it is a means of settlement of accounts which determine the amount due by the administrative authorities and thenceforth bind the parties in an irrevocable manner. As per FIDIC Conditions of Contract Art 14.11, Final Payment is a type of payment deliver to the Employer by the Engineer after the contractors draft final statement has got acceptance by the Engineer. It is the last payment from the owner to the contractor of the entire unpaid balance of the contract sum as adjusted by any approved change orders. Definition of Final payment and Final Account Final payment is a type of payment made by the owner of the work (Employer) to the contractor when works have got final acceptance.
