The Final Payment Certificate (Construction) is a critical document used in the Indian construction industry to formalize the final financial settlement between parties upon project completion. It is issued after all works are completed, defects are rectified, and all contractual obligations are fulfilled. This document is required under Indian contract law and construction regulations, particularly adhering to the Indian Contract Act, 1872, and relevant construction industry regulations. The certificate includes comprehensive financial details including the original contract sum, variations, adjustments, previous payments, and retention release. It serves multiple purposes including tax compliance, audit requirements, and provides clarity on the final financial position of the project. The Final Payment Certificate is typically issued by the project manager or engineer after thorough verification of all works and agreement on final accounts with the contractor.
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1. Project Details: Identification of the project, contract reference numbers, and location
2. Parties Identification: Details of the Employer/Client and Contractor
3. Contract Reference: Reference to the original contract, including date and any variations
4. Work Completion Statement: Confirmation that all works have been completed as per contract specifications
5. Final Account Summary: Total contract sum including variations, adjustments, and previous payments
6. Retention Release: Statement regarding the release of any retained amounts
7. Final Payment Amount: Clear statement of the final amount due to the contractor
8. Tax Compliance: Confirmation of tax compliance and any applicable deductions
9. Declaration: Statement confirming this as the final payment certificate
1. Defects Liability Period: Statement about completion of defects liability period - include if the period has ended
2. Outstanding Claims: Details of any agreed outstanding claims - include if there are pending claims
3. Performance Bond Release: Statement about release of performance bonds - include if bonds were part of the contract
4. Warranties: Reference to ongoing warranties - include if there are continuing warranty obligations
5. Dispute Resolution: Statement about any resolved disputes - include if there were disputes during the project
1. Schedule A - Final Account Breakdown: Detailed breakdown of the final account calculation including original contract sum, variations, and adjustments
2. Schedule B - Previous Payment History: List of all previous payments made under the contract
3. Schedule C - Outstanding Works List: List of any minor outstanding works or defects (if any) and their agreed resolution
4. Appendix 1 - Supporting Documents: List of supporting documents including completion certificates, test certificates, and as-built drawings
5. Appendix 2 - Tax Certificates: Copies of relevant tax certificates and clearances
6. Appendix 3 - Warranties and Guarantees: Copies of all applicable warranties and guarantees that remain in effect
Relevant legal definitions
Clauses
Relevant Industries
Construction
Real Estate Development
Infrastructure
Commercial Building
Residential Development
Industrial Construction
Public Works
Healthcare Construction
Educational Facilities
Hospitality Construction
Relevant Teams
Finance
Project Management
Commercial
Legal
Construction Operations
Contracts Administration
Accounts Payable
Audit
Quality Control
Project Controls
Relevant Roles
Project Manager
Construction Manager
Quantity Surveyor
Contract Administrator
Finance Manager
Chief Financial Officer
Project Director
Construction Director
Site Engineer
Commercial Manager
Accounts Manager
Project Architect
Legal Counsel
Audit Manager
Cost Controller
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