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

Swot analysis, QUESTION 1 The Ministry of Information Technology has re...

QUESTION 1 The Ministry of Information Technology has recently launched a public debate on how to make Information Technology the Fourth Pillar of the Mauritian economy. Using

Government publications - selection tools, Government Publications: Go...

Government Publications: Government publications come from  all branches, divisions and levels of government. They embrace the entire universe of information, as  there are ve

Organizational behaviour, A large unit manufacturing electrical goods which...

A large unit manufacturing electrical goods which has been known for its liberal personnel policies and fringe benefits is facing the problem of low productivity and high absenteei

BEGE - 101, State the distinguishing features of literature as a mode of la...

State the distinguishing features of literature as a mode of language use by citing examples?

Quota sampling, Quota Sampling: It  is  a form  of non-probability  sa...

Quota Sampling: It  is  a form  of non-probability  sampling  in which  the researcher utilises some knowledge about the population  to  build some represkntativeness  into  t

Non-conventional-modern forms, Non-Conventional-Modern Forms: In many ...

Non-Conventional-Modern Forms: In many western countries, modern and sophisticated forms of library catalogue are slowly replacing the card catalogue. Some of these forms a

List and explain the risks, QUESTION a) Define risk as per the Public P...

QUESTION a) Define risk as per the Public Private Partnership Guidance Manual b) What are the primary objectives of transferring risks from a contracting authority to a priv

Advantages of central processing, Advantages   of Central Processing C...

Advantages   of Central Processing Centralized processing has many advantages. For example.  1)  Duplication of work is avoided: The type of work involved in processing i

Groupthink, Groupthink This is a condition where group pressures for co...

Groupthink This is a condition where group pressures for conformity prevent the group from critically evaluating alternative viewpoints. The classic example of groupthink, the

Provide differences between advertising and publicity, Question : Adver...

Question : Advertising is a form of communication intended to persuade an audience (viewers, readers or listeners) to purchase or take some action upon products, ideas, or serv

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