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

Entrepreneurship, #question. I want detailed information about entrepreneur...

#question. I want detailed information about entrepreneurship.

Need for defining the problem - research topic, NEED FOR DEFINING THE PROBL...

NEED FOR DEFINING THE PROBLEM Problem clearly stated is a problem half solved. A proper definition of research problem will enable you as the researcher to be on the track whe

Maintenance work and management, MAINTENANCE WORK AND MANAGEMENT: Of a...

MAINTENANCE WORK AND MANAGEMENT: Of all the functions in a library, the maintenance  work is the least discussed in professional literature. However, the importance of mainten

Referral centres, Referral Centres: A referral centre is some sort of ...

Referral Centres: A referral centre is some sort of "information desk" for the scientific and technical community which does not provide enquirers directly with the informatio

Shopping, Shopping in terms of Contract Management  Shopping is a term ...

Shopping in terms of Contract Management  Shopping is a term often used in our daily life. In terms of contract management, this term is adapted for procurement of certain spec

Devise a strategic control plan for a business organisation, QUESTION 1 ...

QUESTION 1 Attempt a SWOT analysis for the Cyber Island Concept in your country. You will have to analyse the business environment in the first instance and propose at least thr

Different types of hospitality offering businesses, Question 1: (a) Sho...

Question 1: (a) Show what is meant by the managerial environment? Illustrate your answer with specific examples using both internal and external environmental influences within

What are the basic components of inventory, Question: (a) What are the ...

Question: (a) What are the basic components of inventory? (b) Name the steps for finding the optimum inventory. (c) What are the assumptions for the Economic Order Quanti

What are the objectives of fisheries management, Question 1: (a) Descr...

Question 1: (a) Describe any two fishing methods and fish species caught. (b) List ten conditions of a fishing licence issued to a foreign vessel fishing in the EE

Staff activity area of library building -library management, Staff Activity...

Staff Activity Area of library building -library management Main activities carried out by the professional staff of the library are: Acquisition, Technical Processing (catalo

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