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

Finding resources - library management system, Finding resources: As s...

Finding resources: As said earlier, supply is another basic factor. Supply means availability of documents for acquisition. Information regarding supply can be collected in th

Describe notion of marine biodiversity, Question: (i) Describe your not...

Question: (i) Describe your notion of "marine biodiversity" with an appropriate illustration? (ii) Name the different levels at which marine biodiversity can be depicted in

Typical operations strategy would, In the growth stage of a product's ...

In the growth stage of a product's life cycle, a typical operations strategy would  be: Increasing capacity. Short production runs. Cost minimization.

Title main entry, Title main Entry   In cases, where the Main Entry is ...

Title main Entry   In cases, where the Main Entry is to be provided under the title of the work as per the Rules of AACR-2R, the skeleton entry looks slightly different. The Ti

Modern catalogue - evolution of catalogue, Modern Catalogue - evolution of ...

Modern Catalogue - evolution of catalogue: The 19 th century was an age of great many codes: Catalogue was considered a finding list with the Bodleian concept of literary uni

Compensation management, Explain the role of unions in determining the desi...

Explain the role of unions in determining the design and the implementation of the pay for performance plans.

Links in information, Links in InformationTransmission Chain: i)  Sour...

Links in InformationTransmission Chain: i)  Sources of Generation: As discussed in Unit 1, the researchers and their employing oreganisations are responsible for generating in

Possible challenges and dark-side of an e-pms, "The use of technology in pe...

"The use of technology in performance management has the potential to increase productivity and enhance competitiveness. We believe that appraisal satisfaction is a key concept tha

Psychoanalysis, QUESTION 1 Briefly explain how the following schools of...

QUESTION 1 Briefly explain how the following schools of thought contributed to Psychology (a) Psychoanalysis (b) Behaviourism (c) Cognitive approach (d) Humanistic/

Field sources - source of data, Field Sources: Include living persons ...

Field Sources: Include living persons who have the knowledge about or have been  in  intimate contact with  social conditions and changes over a considerable time. These Peopl

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