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

Observation technique - methods of data collection, Observation Technique: ...

Observation Technique: What  does  observation  technique  mean:  Observation  Is one of the basic and  oldest  research methods  to  gather data. Observation stops being  a n

Activities of a binding division - library management, Activities of a Bind...

Activities of a Binding Division: Identification and preparation of materials for binding  Recording of all such materials requiring binding  Specification of the sty

Change manager, T he change manager The change manager is accountable ...

T he change manager The change manager is accountable for the day to day activities of the change management process for the Information Management team. This person  must  es

Purpose of sampling, PURPOSE OF SAMPLING: When  the population is  too...

PURPOSE OF SAMPLING: When  the population is  too  large and spread oyer  a vast area, sampling needs to be  done for  the economy  of  time, energy and cost. But  it  is also

Caselet, whom do you think rajender will eat with? Why?

whom do you think rajender will eat with? Why?

Implementation of enterprise project management, I mplementation of EPM ...

I mplementation of EPM It is not a minor matter to espouse the EPM strategy and implement it in an organisation. A fresh organisational structure and new practices have to be

Process for the rooms division department, Question 1: (i) Explain why...

Question 1: (i) Explain why it is not normally advisable to use the cost plus method in the pricing of rooms for first class hotels. (ii) Mention and explain four types of

Forecasting, Forecasting Problem Discussion Questions 1. Develop a fo...

Forecasting Problem Discussion Questions 1. Develop a forecasting model, justifying its selection over other techniques, and project attendance through 2007. 2. What revenue

Quality characteristics, Q uality characteristics The definitions of q...

Q uality characteristics The definitions of quality could be appreciated in a better way if we understand the characteristics of quality. Every product and service has a set o

Factors affecting materials handling system, Factors Affecting Materials Ha...

Factors Affecting Materials Handling System  The followings four factors material handling system: Production  System: There  are two  basic  types  of production systems.

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