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

What do you mean by incoterms, Question 1 Discuss the features of inter...

Question 1 Discuss the features of international business environment. Why is it necessary to closely analyse the international environment? Question 2 What is the role

Requirements of shopping , Requirements of shopping  Let us now look at...

Requirements of shopping  Let us now look at the requirements for shopping:  The value of the work or goods should be of a lesser value and the nature of business should

Ala rules - british museum cataloguing rules, ALA Rules : American Lib...

ALA Rules : American Library Association. ALA Catalog Rules: Author and Title Entries. - Prel 2nd ed. - Chicago: American Library Association, 1941.  Within two decades of

Advantages of machine readable catalogue, Advantages The machine-reada...

Advantages The machine-readable catalogue performs, all the functions of a library catalogue with greater efficiency and speed than any other form. We shall spell out theseadva

Output of quality assurance process, O u t put of quality assurance proc...

O u t put of quality assurance process The outputs of quality assurance process are: O rganisational process assets updates: elements of organisational process ass

Prepare an asset for the company, Branding started because companies wanted...

Branding started because companies wanted their services and products to be distinguishable from the generic dross of others and prepare an asset for the company. This is still the

Finding resources - library management system, Finding resources: As s...

Finding resources: As said earlier, supply is another basic factor. Supply means availability of documents for acquisition. Information regarding supply can be collected in th

List the factors on which the location of an mnc depends, Question 1 When ...

Question 1 When you establish an export firm there are various regulations which have to be followed. List the steps in formation of an export import firm. Describe the procedure

Activities of a binding division - library management, Activities of a Bind...

Activities of a Binding Division: Identification and preparation of materials for binding  Recording of all such materials requiring binding  Specification of the sty

Case study, Case Study:  In a case study the survey  is based on one or m...

Case Study:  In a case study the survey  is based on one or more samples. Study on the  respondent(s) can be  investigated in  depth, which  is not possible with  large number of

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