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

Just-in-time inventory management, Just-in-Time Inventory Management ...

Just-in-Time Inventory Management This is an approach to dealing with materials inventories that emphasizes the elimination of all waste and the continual improvement of t

Catalogue code - planning and organisation, Catalogue Code: As with cl...

Catalogue Code: As with classification schemes, there are different catalogue codes available for use in libraries. Two of them are already known to you as they are prescribed

Periodicals - binding policy for libraries, Periodicals: Now let us di...

Periodicals: Now let us discuss the type of documents that need binding in libraries. Among these, periodicals need to ' be bound for their archival value. Periodicals constit

Explain communities of practice, Question 1 Discuss the various tools used...

Question 1 Discuss the various tools used for understanding data Question 2 Write short notes on The Enterprise Project Management Model Question 3 Explain communities o

Budget allocation register and work diary, Budget Allocation Register: ...

Budget Allocation Register: This is the basic financial guide for acquisition work and this must be consulted at the different stages of document selection, ordering and passi

Public catalogue -circulation area in library building, Public Catalogue  ...

Public Catalogue  -Circulation Area in library building in library management Public catalogue is the key to the document collection in a library and frequently used by the re

Essays, LENGTH: 1000- 1200 WORDS : ESSAY Choose one of these essay topics....

LENGTH: 1000- 1200 WORDS : ESSAY Choose one of these essay topics. (Include ABSTRACT AND PLAN for your report or your essay) If you choose to write an essay for this assignment, y

Stacking principles, STACKING PRINCIPLES:   Laws of Library Science (re...

STACKING PRINCIPLES:   Laws of Library Science (refer Unit 2 of Course BLIS-01) give clear guidelines to the ways of organising stack rooms and the arrangement of books on shel

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

Beta of a share, Beta of a share Financial analysts often talk of the ...

Beta of a share Financial analysts often talk of the beta (b) of a share. We will describe what the beta signifies and the method commonly used to estimate it in this section.

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