Common use of Capital Cost Accounting Clause in Contracts

Capital Cost Accounting. Pursuant to the General Conditions, the Contractor shall provide a Final Certificate of Costs for Capital Asset Accounting to enable the Owner and Using Agency to reflect the Project accurately as a capital asset in accordance with generally accepted government accounting principles (GASB-34). The Design Professional, using its final Statement of Probable Construction Cost and the guides to useful life of capital assets, shall complete the certification on the Contractor’s Certificate (the format for the Certificate is included in the Forms Section). Should there be a disagreement with the categorization of any cost between the Contractor and the Design Professional, both should consult with the Owner. The director of the Construction Division of GSFIC, consistent with established State accounting policies, shall make the final decision and adjust the Certificate accordingly. SECTION 3 – ADDITIONAL SERVICES

Capital Cost Accounting. Pursuant to the General Conditions, the Contractor shall provide a Final Certificate of Costs for Capital Asset Accounting to enable the Owner and Using Agency to reflect the Project accurately as a capital asset in accordance with generally accepted government accounting principles (GASB-34). The Design Professional, using its final Statement of Probable Construction Cost and the guides to useful life of capital assets, shall complete the certification on the Contractor’s Certificate (the format for the Certificate is included in the Forms Section). Should there be a disagreement with the categorization of any cost between the Contractor and the Design Professional, both should consult with the Owner. The director of the Construction Division of GSFIC, consistent with established State accounting policies, shall make the final decision and adjust the Certificate accordingly. SECTION 3 – ADDITIONAL SERVICES.