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

Need for several entries - catalogue entry, Need for Several Entries   ...

Need for Several Entries   A library catalogue can just meet any one type of user's approach like author approach, title approach, etc. We can also prepare catalogues, which ca

Define learning organization, Question 1 What is change management? Explai...

Question 1 What is change management? Explain the importance of change management Question 2 Define Organisational Life Cycle. List and explain the stages in organizational L

Development of library resource sharing network, Development of Library Res...

Development of Library Resource Sharing Network The development of library networks is the result of computerisation of catalogues and bibliographic databases and the developm

Service Marketing, understand the prospect for growth in global services

understand the prospect for growth in global services

Discuss the cost effective design, Question 1: "One of the main challen...

Question 1: "One of the main challenges of hotel management today is the rapid changes in customer requirements, trends and tastes, resulting in the necessity for frequent exte

How do you do this project, managing construction to build 15,000 sq meters...

managing construction to build 15,000 sq meters office you budget is $10 per sq meter timeline is to construct 3,000 sq meters per day you finish 7,000 sq meters of parking lot yo

What are supply bills, Question 1 Corporate Banking represents the wide ra...

Question 1 Corporate Banking represents the wide range of banking and financial services provided to domestic and international operations of large local corporates and local oper

Classified catalogue, CLASSIFIED CATALOGUE: A classified catalogue is ...

CLASSIFIED CATALOGUE: A classified catalogue is a form of subject catalogue, in which the entries are arranged by the class number which representing the subject of document,

Public catalogue -circulation area in library building, Public Catalogue  ...

Public Catalogue  -Circulation Area in library building in library management Public catalogue is the key to the document collection in a library and frequently used by the re

Teachable point of view and knowledge creation, QUESTION 1 What standar...

QUESTION 1 What standards of ethics and integrity would you recommend for an organization that go beyond obeying the law and why? QUESTION 2 (a) Briefly set out the

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