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

Local book suppliers and , Local Book Suppliers:  Every library has to...

Local Book Suppliers:  Every library has to depend on local booksellers for most of the supplies. Unlike the major outside book markets referred to earlier, local book shops d

The quick slice approach, QUESTION 1 What are the main steps involved i...

QUESTION 1 What are the main steps involved in implementing S&OP as part of an ERP implementation? QUESTION 2 The ERP project schedule is the basic control tool used to

Outline the major functions of the national assembly, QUESTION 1 What w...

QUESTION 1 What were the main arguments for and against the Independence of Mauritius in the 1960s? QUESTION 2 "The President of the Republic of Mauritius is a constitu

Organisation of information services, ORGANISATION OF INFORMATION SERVICES:...

ORGANISATION OF INFORMATION SERVICES: Documentation and information services are activities that grew out of information needs of user communities engaged in research, industr

Pro-quest international powerpages, Pro-Quest International Powerpages: ...

Pro-Quest International Powerpages: Pro-Quest International Powerpages is another full-text journal database on CD-ROM, offered commercially by the publisher UMI. The UMI(form

Care and preservation of library materials, CARE AND PRESERVATION OF LIBRAR...

CARE AND PRESERVATION OF LIBRARY MATERIALS: As should not be shelved too tightly nor too loosely. The former damages the binding en other books are forceful inserted and  the

Outline the characteristics of tourism services, QUESTION 1 (a) Describ...

QUESTION 1 (a) Describe the role of public sector in the development of tourism Industry? (b) Describe the role of private sector in the development of tourism Industry?

Just-in-time inventory management, Just-in-Time Inventory Management ...

Just-in-Time Inventory Management This is an approach to dealing with materials inventories that emphasizes the elimination of all waste and the continual improvement of t

Describe importance of information to top management, Question 1: (a). ...

Question 1: (a). Outline the major elements which make up the i) Macro (External) environment. ii) Micro (Internal) environment. (b). Discuss five methods that can be use

Test for the apt model on the stock exchange, QUESTION (i) Compare and ...

QUESTION (i) Compare and contrast the Capital Asset Pricing Model (CAPM) with that of the Arbitrage Pricing Theory (APT) (ii) Asset A has an expected return of 25% and the r

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