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

Prioritising the customers for project, P rioritising the customers It...

P rioritising the customers It is difficult to give the same importance to all customers.  One could think of  the  old  proverb  about  the  individual  rank  in  the  organi

Discuss and analyze the set of inter-related factors, QUESTION 1 The mu...

QUESTION 1 The museums of today serve increasingly complex institutional missions and diverse audiences through their programs. Critically discuss and analyze the role of museu

Semi-public documentation/information centres, Semi-public documentation/in...

Semi-public documentation/information centres: Established by learned or professional societies, trade associations industrial undertakings, etc., they exist primarily for ser

Explain the issue of performance management system, Question: (a) Expla...

Question: (a) Explain the issue of Performance Management System and its perceptions by the school organisations in Mauritius. (b) How will the Educational Administration an

Publisher casings and paperbacks - library bindings, Publishers' Casings an...

Publishers' Casings and Paperbacks  It is a light straw-board cover, over which an attractive coloured cloth is glued. This casing is attached to the book itself by narrow tap

Discuss the relationship between treasury and alm, Question 1 ALM deals wi...

Question 1 ALM deals with strategic balance sheet management, which involves various risks, caused because of the changes in exchange rates and the position of liquidity, intere

Composition of solid waste, The composition of solid waste from a residenti...

The composition of solid waste from a residential community is as follows: Component Percent by weight Combustibles ---

Describe the approaches used to screen projects, Question 1 Describe the s...

Question 1 Describe the strategy planning tools of Ansoff matrix and BCG matrix Question 2 Describe the approaches used to screen projects Question 3 Explain any 3 par

Explain and discuss the management functions, Question 1: (a) Explain a...

Question 1: (a) Explain and discuss in detail, the management functions that are expected of managers. (b) Using illustrations, show how any one dysfunction in the above ma

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