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

Inside and across boundaries - communities of practice, Inside and Across B...

Inside and Across Boundaries The Communities of Practice might exist within a business unit or stretch across the divisional boundaries and most of them cross the boundaries be

What are supply bills, Question 1 Corporate Banking represents the wide ra...

Question 1 Corporate Banking represents the wide range of banking and financial services provided to domestic and international operations of large local corporates and local oper

Arrays and chains - classification terminology, Arrays and Chains: Iso...

Arrays and Chains: Isolates are arranged in what are called arrays and chains. ,An array is a sequence of coordinate (equally ranked) classes arranged in some definite order.

Cumulative index work and loose issue shelving work, Cumulative Index Work:...

Cumulative Index Work: As the name suggests, it pertains to noting by entering down the announcement of cumulative index followed by entering  the receipt of cumulative index

Quality improvement methodology, Quality I mprovement methodology For ...

Quality I mprovement methodology For   Quality   Improvement,   the   Plan-Do-Check-Act   cycle   approach   is generally  used.  The  PDCA  (Plan-Do-Check-Act)  cycle  also

Communities of practice - differ and structure, Communities of Practice Dif...

Communities of Practice Differ and Structure Though a neighbourhood is called a community, not every community is called Community of Practice. Similarly, not everything which

Important features of planning and design management, Question : (i) O...

Question : (i) One of the important features of planning and design management is the efficient management of resources. According to you, what are these resources and how sho

ORGANIZATIONAL BEHAVIOUR, List the various reasons in Organization xyz , wh...

List the various reasons in Organization xyz , which lead to its development

Quality assurance, Q uality assurance Assurance is the process of gain...

Q uality assurance Assurance is the process of gaining stakeholders confidence by providing evidence that the quality-related activities are being performed effectively and th

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