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

Formal model of school management, Problem: According to Bush's managem...

Problem: According to Bush's management models of schools, the formal models dominated the early stages of theory development in educational management and the other models dev

Quantitative methods, statistics are not mainly the records of the past but...

statistics are not mainly the records of the past but they are useful in the planing of the future. Discuss the statement and explain the role of statistics in economic planning.

Write short notes on pert, Question 1 The PMBOK Guide addresses four eleme...

Question 1 The PMBOK Guide addresses four elements related to scope. List and explain them Question 2 Write short notes on PERT Question 3 Explain the various planning p

Quality managment, identify and explain s categories of quality and their u...

identify and explain s categories of quality and their uses in a company

Library journal - library management system, Library Journal: Publish...

Library Journal: Publishes quarterly lists  of scientific,  technical and medical books announced for publication by publishers.  The third category of review  sources is d

Information generation process, INFORMATION GENERATION PROCESS: Inform...

INFORMATION GENERATION PROCESS: Information is the product of different human activities and events. Activities are undertaken by individuals or by organisations in pursuance

Development of the quality standards, The Development of the Quality Standa...

The Development of the Quality Standards Quality  standards  evolved  with  quality  management  movement  which gained  importance  after  the  Second  World  War.  The  contr

Drawbacks of centralised cataloguing, Drawbacks   Pooling up the nec...

Drawbacks   Pooling up the necessary funds to opt for centralized cataloguing may be difficult for some libraries.  Because of local variations it may be difficult to go

Explain the type of structural changes, Problem 1 Social systems are po...

Problem 1 Social systems are political as power relations inevitably enter into social relations. (i) In what ways are politics divisive and conflictual in a school organiz

Internet shopping system, Internet Shopping system: Project Name : In...

Internet Shopping system: Project Name : Internet Shopping system Role : Leading the Team, Involved in Requirement Gathering, Estimation, System, System Design, Datab

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