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

Academic benefits for regular education, 1. What instructional technology a...

1. What instructional technology and techniques does research prove are beneficial? Detrimental? 2. Does moving students from single-gender education to co-ed increase student achi

Questioning and interview schedule, Questioning and Interview Schedule: ...

Questioning and Interview Schedule: Meaning: The questioning is  a technique of data collection where  the sources  of data  is  the subject himself/herself.  Here, the data a

Business Improvement Strategies, Hi there i need help in case study assignm...

Hi there i need help in case study assignment. Thanks

Problems in selection , Problems in Selection: Periodicals are more im...

Problems in Selection: Periodicals are more important than books for researchers and specialists. They contain more recent information in the form of research papers, news, re

Inside and across boundaries - communities of practice, Inside and Across B...

Inside and Across Boundaries The Communities of Practice might exist within a business unit or stretch across the divisional boundaries and most of them cross the boundaries be

Explain the term reputation management, (a) Define the term Public Relatio...

(a) Define the term Public Relations as per the British Institute of PR and explain the relevance and interdependence of i. PR and marketing and ii. PR and advertising.

Introduction of syringe management, The project ‘Syringe Management Plan' i...

The project ‘Syringe Management Plan' is created to protect the community against misplace of syringe that causes accidental needle injury. This project is introduce as there is no

Field sources - source of data, Field Sources: Include living persons ...

Field Sources: Include living persons who have the knowledge about or have been  in  intimate contact with  social conditions and changes over a considerable time. These Peopl

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