Final Cost Statement Clause Samples
The Final Cost Statement clause establishes the requirement for a definitive accounting of all costs incurred under a contract or project. Typically, this clause mandates that the responsible party prepares and submits a comprehensive statement detailing all expenses, adjustments, and any outstanding payments or credits at the conclusion of the work. This process ensures that both parties have a clear and agreed-upon record of the total financial obligations, thereby resolving any uncertainties and facilitating the final settlement of accounts.
Final Cost Statement. The Contractor shall submit to the Authority a Final Cost Statement for the Sponsored Event/s/Activities detailed in Schedule 1 and set out:- A description for each line item; The cost for each line item; The amount which has been spent on each such line item; The amount, if any, by which the amount spent on each line item varies from the amount which was provided for such line item in Schedule 1. The format of the Final Cost Statement shall be in accordance with such written guidance as the Authority may issue from time to time and communicate to the Contractor in writing.
Final Cost Statement. “Final Cost Statement” shall have the meaning set forth in Section 11(c) of this Work Letter.