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

Preliminary investigation , 1. Carry out the preliminary investigation of t...

1. Carry out the preliminary investigation of the organisation and yourself in relation to it, as follows: a) Give an initial appraisal of the organisation’s aims and preparedness

Critically analyse what political and business leaders, "Sustainable" is a ...

"Sustainable" is a word/concept that is more frequently being used in Mauritius, both by government bodies and private companies. Some are working towards environmental protection

Briefly explain the key elements of tqm, Total Quality Management (TQM) is ...

Total Quality Management (TQM) is now practiced in business as well as in government, the military, education, and non-profit organisations. TQM is thus applied to any type of orga

Key concepts of management in six sigma, K e y concepts of management ...

K e y concepts of management The Key concepts of management in Six Sigma are Critical-To-Quality (CTQ), defect, process capability, variation, stable operations and Design Fo

Microform reading equipment -library equipment, Microform Reading Equipment...

Microform Reading Equipment -LIBRARY EQUIPMENT-LIBRARY MANAGEMENT Some aspects of  microform reading room and storing equipment are already discussed above. You are going t

Major types of validity, Major Types of Validity: Different aspects or...

Major Types of Validity: Different aspects or facets of  validity  questions are explained by  the type of validity, and number of  indirect and logical methods have evolved t

Machine readable catalogue, Machine Readable Catalogue: The past ten y...

Machine Readable Catalogue: The past ten years have witnessed a great change in cataloguing practice with the increasing use of computers and network communications. Catalogui

Organizational Behaviour IIBM Institute of Business Manageme, I agree with ...

I agree with post #2 in that, generous benefits and perks have a tendency to increase productivity and decrease absenteeism, not the opposite. So first you would need to look at th

Performing quality control, P e rforming Quality Control Quality cont...

P e rforming Quality Control Quality control uses techniques and performs activities to compare actual quality performance with requirements and define appropriate actions if

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