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

An emerging model of responsive governance, The Public Sector Administratio...

The Public Sector Administration has undergone a process of evolutionary reform from the Traditional Public administration to NPM and now to an emerging model of responsive govern

Measures to minimise book losses - stock verification, Measures to Minimise...

Measures to Minimise Book Losses: Steep rise in cost of books, ill-organised Indian book market which makes replacement of lost material difficult, dependence on foreign pu

Trade discounts - library administration, Trade Discounts: Trade disco...

Trade Discounts: Trade discounts area common feature in book purchases. The discounts may vary according to categories of publications. Normally a 10% discount is admissible o

Issues in public relation, Question In 2000, various instances were rep...

Question In 2000, various instances were reported in which Ford owners with Firestone tyres were experiencing tyre blowouts ultimately causing around 150 deaths and over 500 s

Domain, D omain A community will be just a group of friends without th...

D omain A community will be just a group of friends without the commitment to the domain. A domain is not just the group of people with connections but it is an identity which

Conservation - library management, Conservation: The second aspect of...

Conservation: The second aspect of maintenance work is book conservation. Only books in good physical condition should be allowed to stay  on shelves. Constant shelf checking

Impact of electronic media, Problem 1: Explain and comment on the diffe...

Problem 1: Explain and comment on the different stages of development that have produced our present day mass media. Problem 2: The impact of electronic media is strong

Laws of library science, The study of the structure and development of the ...

The study of the structure and development of the UoS by the information professional can be shown to be a necessary implication of the five laws of library science. Law 1 And I

How personal factors might trigger industrial accidents, Question 1: Cl...

Question 1: Clearly explain and illustrate the major characteristics of an industrial accident Question 2: Describe the various ergonomic risk factors that might affect

Charging desk -circulation area in library building, Charging Desk -Circula...

Charging Desk -Circulation Area in library building This is the key functional area of the library and a great deal of  thought should be given to its location, size and shape

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