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

Process of searching literature, The fair trade movement can be understood ...

The fair trade movement can be understood as an NGO effort to establish a market outside of mainstream commodity monopolies while simultaneously inserting non-market concerns for j

Activities of a maintenance schedule, Question: (a) Which are the bodi...

Question: (a) Which are the bodies responsible for policies and decisions on the exploitation and use of water resources. Explain their respective roles and functions? (b)

Define hospitality and identify its characteristics, Question : (i) De...

Question : (i) Define Hospitality and identify its characteristics. (ii) What do you understand by the term "Pineapple tradition"? (iii) Identify 5 factors that are c

Benefits of b2b e-commerce in developing markets, Question: (a) What ...

Question: (a) What are the benefits of B2B E-Commerce in Developing Markets? (b) The B2B market has primary components: e-frastructure and e-markets, e_infrastructure is t

Writing a contract , Writing a contract  Most commonly used contracts a...

Writing a contract  Most commonly used contracts are developed from earlier contracts that are subsequently modified to fit the situation in hand. Organisations  usually have a

Entry - definition, What is an Entry? An entry is a record of informat...

What is an Entry? An entry is a record of information for a specific purpose. This information is entered into a ' kind of a record. Suppose you have the habit of recording in

Satisfaction level - efficiency of document delivery service, Satisfaction ...

Satisfaction Level: Ideally, DDS should target at satisfying all the requests it receives for the supply of the documents. However, in practice this target is not achievable e

Describe corporate identity management, Question : (a) "A Strong corpo...

Question : (a) "A Strong corporate identity helps reinforce a company`s brand image and supports its marketing activities" i. Describe what you understand by corporate iden

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