Form 724 - FINAL INVENTORY, TELEPHONE CONSTRUCTION CONTRACT

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PROJECT DESIGNATION
SHEET
OF
CONTRACT DATED

U. S. DEPARTMENT OF AGRICULTURE
CONTRACT NO.

RURAL UTILITIES SERVICE
FINAL INVENTORY
TELEPHONE CONSTRUCTION CONTRACT
(Labor and Materials)

-

SHEETS

-

NAME OF OWNER
NAME OF CONTRACTOR

INSTRUCTIONS - See reverse side of form.
CERTIFICATE OF COMPLETION

1, the undersigned Engineer of the above-designated Rural Utilities Service Project do hereby certify that:
1. The construction provided for pursuant to the above Construction Contract, including all approved amendments, (here20
inafter called the ''Project'') has been completed as of
and is in all respects in strict
compliance with the provisions of the Loan Contract and the Construction Contract, including all plans, specifications, maps, and all
modifications thereof.

2. Payment in full has been made to all persons who have furnished labor for the Project.
3. The Contractor has obtained valid releases of lien from all persons, firms and/or corporations furnishing materials, supplies,
and appliances which were employed by the Contractor in the performance of the Construction Contract, and that such releases have been
delivered by the Contractor to the Owner.
4. The Project consists of facilities shown on the Statement of Construction (RUS Form 527) which is true and correct and which is
attached hereto and made a part hereof.
5. The staking sheets and tabulation of staking sheets, upon which the Final Inventory is based, show the accurate location, number,
and kind of all units of construction of the project and show all work performed in accordance with the Construction Contract.
6. Acceptance tests have been made and the results were satisfactory.
7. All defects in workmanship and materials reported during the period of construction of the Project have been corrected.
8. To the best of my knowledge and belief, the attached final inventory of the Project correctly shows the
total number and character of assembly units installed or removed by the contractor and that the total cost of such
construction performed is (Grand total column 8, Form 724a plus Grand total column 12,
Form 724b)

$

9. The amount to be deducted for construction materials. furnished by the owner in accordance
with the contract is (Amount from Total column 7, RUS Form 281)

$
$

10. The net contract price is (Item 8 minus Item 9 above)
Dated this

day of

20

NAME OF ENGINEER
By

We, the undersigned Owner and Contractor, do hereby accept the preceding certification as to costs of the completed Project
and agree that:
1. The final payment to the Contractor will be the above net contract price less (a) payments made to date, (b) amounts, if any, due
to the Owner for liquidated damages, and (c) any other sums which the Owner has the right to retain under the terms of the contract and
signature by all parties does not preclude the- retention by the Owner of such amounts.
2. Acceptance of the Project by the Owner shall not be deemed to relieve the contractor of its obligations contained in the
Construction Contract with respect to defective workmanship or materials discovered within one year after the date of completion.
RUS Form 724 (Rev. 10-63)

3. The Final Inventory attached hereto and made a part hereof is a complete and accurate summary of all units of
construction in the Project and of work performed in accordance with the Construction Contract.

NAME OF OWNER

-

-

By
PRESIDENT

DATE

NAME AND ADDRESS OF CONTRACTOR

-

-

By

SIGNATURE AND TITLE

DATE
Reviewed By:

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DATE

SIGNATURE OF RUS FIELD ENGINEER
INSTRUCTIONS (See RUS Bulletin 381-4)

The Engineer will prepare 6 copies of forms covering all data in Column 1 through Column 12, plus Columns 15 and 16.
Cols.
1&2
3&4
5
6&7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Source of Data
From tabulation of staking sheets
Leave blank except for units not in contract
Total unit price from contract *
Leave blank
Column 1 multiplied bv Column 5
From tabulation of staking sheets
From tabulation of staking sheets
From contract, as amended
Col. 9 multiplied by Col. 11
From Borrower's records
Col. 9 multiplied by Col. 13
Prepared by Engineer
Prepared by Engineer
From Borrower's record
From Borrower's record
Col. 17 multiplied by Col. 18
From Borrower's record
From Borrower's record

* Except for certain assembly units where the system of accounts requires
material costs to be recorded as ''station apparatus'' and labor costs as
''station connections''

The assembly units are to be grouped according to the plant account
classification. (See applicable system of accounts.) The plant account number
and title should head each group with the total cost of the units in the group
inserted in parentheses in column 8 opposite the heading. For the purpose of
this inventory:

1. Assembly units containing pin-type insulators (i.e.,
single groove, double groove transposition, etc.) are to be
listed under the account determined by the other materials in
the assembly units.
2. As a sub-item under ''poles lines,'' list the number
of pin-type insulators (i.e., single groove, double groove
transposition, etc.) included in the assembly units in that
account segregated by type and item cost. (Do not extend total cost).

The final inventory together with all other final papers will
then be submitted to RUS for approval to release payment to the
contractor.
Upon approval of the inventory for this purpose by RUS,
one copy will be returned to the owner by RUS. The owner will
complete columns 13 & 14 and columns 17 through 21 together
with the calculation of "Net Charge Due to Retirement" below:

CALCULATION OF NET CHARGE DUE TO RETIREMENT:
ORIGINAL COST (Col. 14, Form 724b)

$

COST OF REMOVAL (Col. 12, Form 724b)
TOTAL

$

DEDUCT SALVAGE (Col. 19, Form 724c, plus Col. 21, Form 724c)
NET CHARGE DUE TO RETIREMENT (Grand Total Col. 14, Form 724b plus Grand Total Col. 12, Form 724b
less Grand Total Col. 19, Form 724c less Grand Total Col. 21, Form 724c)
RUS Form 724 (Rev. 10-63)

$