Contract close-out, Other Management

Assignment Help:

Contract  close-out:  

Contract  close-out  begins  with  checking  for physical completion, i.e., whether all services have been performed and products delivered. Closeout of a contract is completed when all administrative actions have been completed, all disputes settled, and final  payment  has  been  made.  Contract  close-out  comprises  both "physical close-out? and "financial close-out?. Physical close-out is achieved   when   contractor   has   completed all his physical work obligations as per the contract including rectification of  all defects/deficiencies jointly identified by both parties.

Financial close-out is achieved when all amounts payable to and recoverable from the contractor are reconciled and the final payment is made to the contractor.

The amounts will cover many aspects like reconciliation of materials issued to/returned by contractor, recoveries for back charges, Liquidated Damages (LD) and so on. In summary, completion of all contractual obligations needs to be agreed by both parties after which the contractor submits the following certificates:

  •   Final discharge certificate.
  •   No lien certificate or an affidavit for lien.

In case dispute remains, the dispute is referred to arbitration in accordance with the contract provision and contract close-out is made on the basis of the arbitrator's award.


Related Discussions:- Contract close-out

Intercultural communication differences, Intercultural communication differ...

Intercultural communication differences: reconciliating disparities through recognition You represent a Mauritian hardware company which is negotiating to buy hardware from

Change initiator, C hange initiator To     meet     the     initial   ...

C hange initiator To     meet     the     initial     requirements     for    a     Request     for    change (RFC), the change initiator  is the person who initially perceive

Information and library network, INFLIBNET (Information and Library Network...

INFLIBNET (Information and Library Network)   The University Grants Commission (UGC) in its attempt to establish networking has taken the initiative and decided to develop a ne

Evolution of catalogue , EVOLUTION OF CATALOGUE : The custodial respon...

EVOLUTION OF CATALOGUE : The custodial responsibility assumed by the libraries of the early stages obligated on them the functions of acquisition and conservation entailing al

Information analysis, Information Analysis: Information analysis is do...

Information Analysis: Information analysis is done for improving the authenticity and usability of information. This is done by specialists in the concerned subject areas keep

Principles of resort planning, QUESTION 1 Critically discuss the concep...

QUESTION 1 Critically discuss the concept of disasters as applicable to the tourism industry and analyze the pre-requisite and ingredients of an effective tourism disaster mana

Cataloguing-in-publication, Cataloguing-in-Publication (CIP): Centrali...

Cataloguing-in-Publication (CIP): Centralised cataloguing led to the logical step of publishing bibliographic entries of documents in the publication itself, on the reverse si

Purchase order/contract, Purchase Order/Contract  A purchase order/cont...

Purchase Order/Contract  A purchase order/contract is issued to the supplier/contractor. The offer once accepted by the supplier/contractor becomes a legal contract by which th

Document delivery service of insdoc, DOCUMENT DELIVERY SERVICE OF INSDOC: ...

DOCUMENT DELIVERY SERVICE OF INSDOC: INSDOC has been offering DDS at national level since 1952. The service is provided utilizing the entire country's resources including thos

Economy-industry-company (e-i-c) framework analysis, QUESTION (a) Expla...

QUESTION (a) Explain the differences between warrants and convertible debentures (b) The fundamentalist insists that no one should purchase or sell a share on the basis of t

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd