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

Filing classified entries, Filing Classified Entries   By classified en...

Filing Classified Entries   By classified entries, we mean entries which hear notation; that is, Class Number and Call Number entries. A Subject Catalogue and an Alphabetico-Cl

Left or Right, Whom do you think Rajender will eat with ?

Whom do you think Rajender will eat with ?

Explain the reinforcement theory of motivation, QUESTION (a) Define the...

QUESTION (a) Define the term 'Motivation' and explain its importance for organizational success (b) Reply ANY TWO of the following items- (i) Explain with the support of

Possible challenges and dark-side of an e-pms, "The use of technology in pe...

"The use of technology in performance management has the potential to increase productivity and enhance competitiveness. We believe that appraisal satisfaction is a key concept tha

Constraints - library catalogue code, Constraints: This unit calls for...

Constraints: This unit calls for a comprehensive and thorough treatment to cover the various aspects of history and development of library catalogue codes. However, such a tho

Organizational management, 1 list the various reasons in organization xyz w...

1 list the various reasons in organization xyz which lead to its development

Systematic sampling, Systematic Sampling: This  is  sometimes called as sa...

Systematic Sampling: This  is  sometimes called as sampling by  regular intervals. The method  is also known  as  "pseudo-simple random  samples"  as they have properties similar

Entire agreement, Entire agreement  The entire agreement clause must st...

Entire agreement  The entire agreement clause must state that the contract is the final, complete, and total expression of the parties' agreement. Such an agreement helps in pr

Periodicals procurement, PERIODICALS PROCUREMENT: We have dealt with t...

PERIODICALS PROCUREMENT: We have dealt with the selection of periodicals. Logically, the next step is procurement of the selected periodicals.  Hence,  this section is devoted

Uses of maps and atlases, Uses Maps and atlases are used by common men...

Uses Maps and atlases are used by common men as well as specialists both for work and pleasure. Varied uses of maps and atlases depend on their types. We shall first describe

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