Delay in settlement of final account
When the project is certified to be practically completed the contractor will be entitled to be paid the final payment. There are a lot of criticism regarding the final account for construction projects that have been settled unreasonably late or far beyond the period stipulated in the contract. Thi...
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| Main Author: | |
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| Format: | Thesis |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://eprints.utm.my/id/eprint/50707/25/HajaratulAzilaRomliMFAB2015.pdf http://eprints.utm.my/id/eprint/50707/ http://dms.library.utm.my:8080/vital/access/manager/Repository/vital:87893 |
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| Summary: | When the project is certified to be practically completed the contractor will be entitled to be paid the final payment. There are a lot of criticism regarding the final account for construction projects that have been settled unreasonably late or far beyond the period stipulated in the contract. This scenario occurs due to the duration to settle the final account by government agencies. The government agencies have failed to prepare the final accounts and final certificates according to the period stated in the condition of contract and the government agencies also failed to release the performance guarantee sum or performance bond within stipulated time. Therefore, the objective of this study is to identify the problem associated with the settlement of final account in the government projects and to recommend the solution to the problem related to settlement of final account. The scope of this study is limited to government project and government agencies . This questionnaires and interview will be analysed to achieve the aims to identify the problem associated with the settlement of final account and recommended solution. From the analysis, it can be summarized that, there are ten (10) serious problems associated with the settlement of final account. This are listed as variation, price, time, contractor, contract, management matter (contract administrator), human, contractual, client and external factor. There are numerous solutions to resolve these problems that have been identified by the respondents in chapter 5 of the study. Therefore, by conducting this research, hopefully will help the quantity surveyor and contract administrator in identifying the problems in settlement final account and make reasonable actions as soon as possible. This also to enable quantity surveyor to reduce potential conflict in final account settlement and to ensure that the final account and final certificate can be completed in timely manner. |
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