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

Keiretsu, Keiretsu This is a Corporate conglomerates whose members are ...

Keiretsu This is a Corporate conglomerates whose members are cooperate with each other for strategic purposes within the international business environment; a Japanese term.

Develop negotiating strategy and tactics , Develop negotiating strategy and...

Develop negotiating strategy and tactics  These are two dimensions of the negotiating process. They are:  Strategy:  It has a long term focus. It is a predetermined app

Human resources planning development, Plan, design, deliver, and evaluate a...

Plan, design, deliver, and evaluate an original training or HRD development program that you might use in your organization or one that you are very familiar with.

Write a sort note on swot analysis, Question 1 Explain any five common ent...

Question 1 Explain any five common entrepreneurial traits Question 2 Write a sort note on SWOT analysis Question 3 Explain any five sources from which an entrepren

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

Binding processes - library management, BINDING PROCESSES The, binding...

BINDING PROCESSES The, binding of books is both a craft and an art  although the artistic aspect has receded to the background in modem binding, except for some special catego

Areas of risk and causes of risk, A reas of risk and causes of risk Be...

A reas of risk and causes of risk Below are mentioned few areas and causes of risk. The term „operator? used in this listing means the owner (you) who awards the contract to t

How the production manager would achieve his goal, Question : a) The m...

Question : a) The major concern of a production manager is to determine when to produce and how much to produce. It involves all the processes such as how much to procure, man

Ascertaining demand - library management, Ascertaining Demand: The met...

Ascertaining Demand: The methodology to be followed in ascertaining users' needs have been discussed in detail, in Unit 5 under Sec 5.2 Users' Studies of this Block 2. In addi

Stock verification - library management, STOCK VERIFICATION: Stock ver...

STOCK VERIFICATION: Stock verification implies the physical check up of the articles on record. This is a common practice in all  organisations whether private companies or go

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