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

Compact storage - library management, Compact Storage Another method ...

Compact Storage Another method of storage equipment is the compact storage system. Compact storage methods have been advocated and explored since the last century. However, t

What is the maximum usable frequency for the path, Question: (a) A HF ...

Question: (a) A HF digital radio data link operates over a distance of 1000 km. Depending on transmission frequency, reflection can occur from the F2 region of the ionospher

Role of inspection in quality management, R ole of inspection Inspecti...

R ole of inspection Inspection plays an important role in quality management. The products should be inspected at the end of the process to make sure that they meet the specif

Choice of bindery- factors to be considered , Choice of Bindery: Factors to...

Choice of Bindery: Factors to be Considered  Outside binders are normally selected through competitive bidding or through free selection. Whatever the case, the librarians sho

Reasons for quality improvement, R easons for quality improvement The ...

R easons for quality improvement The Quality Improvement helps the organisation to continuously improve the quality of the product or the service. The quality improvement can

What do you mean by incoterms, Question 1 Discuss the features of inter...

Question 1 Discuss the features of international business environment. Why is it necessary to closely analyse the international environment? Question 2 What is the role

Organization Management, #questIf you were one of the other foremen, what ...

#questIf you were one of the other foremen, what could you do to make Rajinder’s transition easierion..

Quality improvement, Q uality improvement Quality improvement can be d...

Q uality improvement Quality improvement can be defined as the organised creation of the beneficial change along with the attainment of unprecedented levels of the performance

Card catalogue cabinet -library furniture-library management, Card Catalogu...

Card Catalogue Cabinet -library furniture-library management This is perhaps the most important piece of equipment in a library used frequently by both the library staff and t

Preperation of a library programme - library building, Preperation of a Lib...

Preperation of a Library Programme of library building in library management A written building  programme (or proposal) is must for any library. It is a basic statement about

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