Contract Close-Out and Final Account Settlement (CON-024) Training Course

Contract Close-Out and Final Account Settlement

The end of a contract is often where significant value is won or lost. Unresolved variations, outstanding claims, retention releases, defects, missing documentation and…

5 daysClassroom or online

49Upcoming dates

12Cities

£2,250Fees from

Course overview

Introduction

The end of a contract is often where significant value is won or lost. Unresolved variations, outstanding claims, retention releases, defects, missing documentation and final payments can remain open for months or years, tying up cash and management time and sometimes ending in disputes long after the work has finished.

This Contract Close-Out and Final Account Settlement training course provides a structured approach to closing contracts efficiently and fairly. Participants learn how to plan close-out from the start of the contract, manage completion and acceptance, resolve outstanding variations and claims, prepare and agree final accounts, release securities, manage defects and warranties, and capture lessons learned.

The course is relevant to construction, engineering, services and supply contracts, and to both buyers and suppliers.

Course Objectives

By the end of this training course, participants will be able to:

Explain the importance of structured contract close-out
Plan close-out activities from contract award onwards
Manage completion, acceptance and handover processes
Resolve outstanding variations, claims and disputes
Prepare, negotiate and agree final accounts
Manage retentions, securities and final payments
Handle defects liability and warranty obligations
Capture lessons learned and archive contract records

Target Audience

This training course is suitable for a wide range of professionals, including:

Contract and commercial managers
Quantity surveyors and cost managers
Project managers
Procurement professionals
Finance and accounts staff
Supplier and contractor commercial teams

Training Methodology

The course uses a case study contract approaching completion, with outstanding variations, claims and defects. Participants prepare a close-out plan, reconcile a final account, negotiate settlement of outstanding items and complete close-out documentation, comparing buyer and supplier perspectives.

Target Competencies

Close-out planning
Completion management
Final account preparation
Settlement negotiation
Security release management
Lessons learned capture

Course outline

1Day One: The Importance of Contract Close-Out

Why contracts often remain open after work ends
Financial, legal and relationship risks at close-out
Close-out obligations in common contract forms
Planning close-out from contract award
Roles of project, commercial and finance teams
Indicators of close-out readiness
Exercise: assessing close-out risks for a case study

2Day Two: Completion, Acceptance and Handover

Completion criteria and certificates
Testing, inspection and acceptance procedures
Snagging lists and outstanding works
Handover documentation and as-built information
Partial possession and sectional completion
Taking over obligations and risk transfer
Workshop: preparing a completion checklist

3Day Three: Resolving Variations and Claims

Identifying all outstanding variations and claims
Prioritising issues by value and complexity
Assessing entitlement and quantum at close-out
Negotiation strategies for global settlements
Using without prejudice discussions effectively
Escalation and dispute resolution options
Simulation: negotiating outstanding claims

4Day Four: Final Accounts and Payments

Structure and contents of a final account
Reconciling contract sum, variations and adjustments
Contra charges, set-off and deductions
Final payment certificates and their effect
Release of retentions and securities
Settlement agreements and full and final wording
Exercise: reconciling a final account

5Day Five: Defects, Warranties and Lessons Learned

Defects liability periods and rectification obligations
Warranties, guarantees and latent defects
Final certificates and the end of obligations
Archiving contract records and documents
Conducting a lessons learned review
Supplier performance evaluation at contract end
Personal action plan for contract close-out

Frequently asked questions

How long is the Contract Close-Out and Final Account Settlement course?

The course runs over 5 days of classroom training, usually Monday to Friday.

When is the next Contract Close-Out and Final Account Settlement course?

The next public date is 7 - 11 Dec 2026 in London. There are 49 upcoming dates in total.

Where is this course held?

Upcoming sessions run in London, Barcelona, Frankfurt, Munich, Paris, Rome, Vienna, Amsterdam, Dubai, Geneva, Kuala Lumpur, Madrid.

Can I take Contract Close-Out and Final Account Settlement online?

Yes. Every date can also be joined live online in a virtual classroom with the trainer, for £1,280 per participant. Choose "Live online" in the dates table when you register.

How much does the course cost?

Fees start from £2,250 per delegate, depending on the city. Fees include tuition and course materials.

Do participants receive a certificate?

Yes. Delegates who complete the course receive a London Leadership Management Innovation certificate of completion.

Can this course be delivered in-house for our team?

Yes. LLMI can tailor and deliver this course privately for your organisation at your premises or in one of our training cities.

Course information last updated 14 November 2026.

Contract Close-Out and Final Account Settlement

Course overview

Introduction

Course Objectives

Target Audience

Training Methodology

Target Competencies

Course outline

Dates and fees

Frequently asked questions

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