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

Main activities during the construction of the factory, Question 1: Rea...

Question 1: Read the following and answer the questions below. You are the Health and Safety Officer of a big industrial group which is constructing a new factory in which o

What is an attitude, QUESTION 1 Personal attitudes can have a key beari...

QUESTION 1 Personal attitudes can have a key bearing on how individuals function within organizations. Attitudes may reflect in either positive or negative behaviours (a) Wh

Relationship between front desk and reservations department, Question 1: ...

Question 1: (i) Explain the relationship between the Front Desk and the Reservations Department. (ii) Enumerate the various steps in the reservations process and explai

Merits of dictionary catalogue, Merits of Dictionary Catalogue: a)  It...

Merits of Dictionary Catalogue: a)  Its alphabetical arrangement is easy and simple to use. Anyone knowing the letters of an alphabet and being able to refer a dictionary can

Physical processing work - procedures, Physical Processing Work: Cutt...

Physical Processing Work: Cutting : It is often found that books are received with partially uncut sections. If these are left unnoticed, readers may carelessly open up the p

Early stage - evolution of catalogue, Early Stage - Evolution of catalogue ...

Early Stage - Evolution of catalogue - library catalogue code: Some such methods though primitive, existed almost until the time the manuscripts came to end and ceased to be t

General observations - information generation process, GENERAL OBSERVATIONS...

GENERAL OBSERVATIONS: Large scale use of information in all countries by a wide cross section of people has resulted in the coming of terms like 'information age and informati

Stack -circulation area in library building, Stack -Circulation Area in lib...

Stack -Circulation Area in library building-library managenent Stacks are the storage spaces for the various types of documents kept in a library. The types of documents gener

Private documentation/information centres, Private documentation/informatio...

Private documentation/information centres: They belong mainly to private business enterprises, commercial firms, etc., and serve primarily the interests of their own instituti

What is a trade policy, Question 1 Explain any five differences between Ta...

Question 1 Explain any five differences between Tariff and Non-tariff Barriers Question 2 What is a trade policy? Explain arguments in favour of Free Trade Question

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