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

Explain different parts and functions of a sewing machine, Question 1 Expl...

Question 1 Explain different parts and functions of a sewing machine Question 2 Explain types of pattern along with advantage of paper patterns Question 3 Explain any 1

Explain what you understand by strategic analysis, QUESTION 1 a) Explai...

QUESTION 1 a) Explain what you understand by strategic analysis b) What tools are available for environmental scanning? Select one and discuss its main components, supportin

Composition of solid waste, The composition of solid waste from a residenti...

The composition of solid waste from a residential community is as follows: Component Percent by weight Combustibles ---

Locus of control, Locus of Control Many people see themselves as very m...

Locus of Control Many people see themselves as very much in control of their lives. From them some see themselves as not being in control of the events which is happening aroun

Administration of interview schedule, Administration of Interview Schedule:...

Administration of Interview Schedule: Rules for  Interviewing  Fix-up the Appointment:  Interviewer should  fix up  the data and time  of interview with  the  subjecthn

Catalogue entry, Catalogue Entry   In the case of a library catalogue y...

Catalogue Entry   In the case of a library catalogue you are providing information about a document that exists in the library. This means you are preparing an entry for the do

Case let, If you were one of the other foremen, what could you do to make R...

If you were one of the other foremen, what could you do to make Rajinder’s transition easier?

Does fca facilitate to support recycling, Q. Does FCA facilitate to support...

Q. Does FCA facilitate to support recycling? How? Ans. No. FCA does not defender recycling or any other waste management alternative. It provides a significant tool for an

Reference services, Reference Services: Reference services help the us...

Reference Services: Reference services help the user define and identify his query correctly, bearing in mind how he intends to use the information, since this can affect the

Can fca assurance that a convinced service, Q. Can FCA assurance that a con...

Q. Can FCA assurance that a convinced service won't be privatized? No. FCA, in and of itself, cannot keep a service as of being privatized. However, FCA can show whether it is

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