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

History of filing systems - library management, History of Filing Systems ...

History of Filing Systems   The history of filing systems can be traced back to the history of libraries because basically man prefers order and early librarians, therefore, wo

E-banking and e-trading, a) In order for customers to use online banking se...

a) In order for customers to use online banking services, they will require to have for example a personal computer and an Internet connection. Their personal computer becomes thei

What are the characteristics of an effective work team, You are the Managin...

You are the Managing Director of Sincerity Co. Ltd. Located in Mauritius, your company is involved in the manufacturing of technological products sold locally and some are exporte

Define quality management system, Question 1 Define Quality Management Sys...

Question 1 Define Quality Management System. Describe the scope of Quality management system Question 2 Explain Design review and Design verification Question 3 Explain

Purchase request , Purchase Request  In the previous section, you learn...

Purchase Request  In the previous section, you learnt about purchase and buy decision where the production manager decides the right part so that it can be used effectively. No

Participative management, Participative Management Umbrella term encomp...

Participative Management Umbrella term encompassing management methods where employees share a significant degree of decision-making power with managers. These include MBO, con

Terms related to procurement - supplies , Supplies  The supplier is res...

Supplies  The supplier is responsible for the delivery of goods/services that are ordered/contracted to him as per the order. However, purchaser has to ensure the goods are del

Pre-requisites for a union catalogue, Pre-requisites for a Union Catalogue ...

Pre-requisites for a Union Catalogue   Compilation of a union catalogue is possible only through library cooperation. Any such compilation should be very clear in the beginning

Enhance the regionalization of solid waste facilities, Q. Will the use of F...

Q. Will the use of FCA promote or enhance the regionalization of solid waste facilities? Ans. No. The utilization of an FCA approach will not, in and of itself, concluded

Write short notes on pert, Question 1 The PMBOK Guide addresses four eleme...

Question 1 The PMBOK Guide addresses four elements related to scope. List and explain them Question 2 Write short notes on PERT Question 3 Explain the various planning p

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