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

Claim, C l aims: Claims can be initiated by both parties involved. Claim...

C l aims: Claims can be initiated by both parties involved. Claims are settled through negotiation, adherence to contract terms, or a mutually agreed  adjustment  in  the  contr

Service marketing, difference between quality issues and quality models

difference between quality issues and quality models

The quick slice approach, QUESTION 1 What are the main steps involved i...

QUESTION 1 What are the main steps involved in implementing S&OP as part of an ERP implementation? QUESTION 2 The ERP project schedule is the basic control tool used to

Quality management, . During the analysis of a process that was evaluated, ...

. During the analysis of a process that was evaluated, a situation arose where it was seen that the variability of the data points collected was non-random on several occasions, i.

Production process , Production Process  Let us begin our discussion wi...

Production Process  Let us begin our discussion with the production process.  The production process for any project begins soon after the research and development department f

Information systems implementation, Information Systems Implementation ...

Information Systems Implementation 1. Will implementing SAP R/3 across the entire PCD division provide the division with a competitive advantage?  Justify your answer carefull

News, News: Concise Oxford Dictionary defines News as "new or interesting...

News: Concise Oxford Dictionary defines News as "new or interesting information" or "fresh events reported'". In short, all that a newspaper contains is not news. Only episodic i

Community, C ommunity The community element requires attention, organi...

C ommunity The community element requires attention, organisation and also nurturing. The members of the community might choose to join together to help each other and share t

Title main entry, Title main Entry   In cases, where the Main Entry is ...

Title main Entry   In cases, where the Main Entry is to be provided under the title of the work as per the Rules of AACR-2R, the skeleton entry looks slightly different. The Ti

Business process Modeling, Assignment: Model every process (in Microsoft Vi...

Assignment: Model every process (in Microsoft Visio 2010-2013) you identify in this dialogue except when explicitly mentioned that you should not. Project Africa Case Patrick Wiz

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