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

Relation to facilities planning and design, Question 1: (i) What are t...

Question 1: (i) What are the determinant scarce resources a facilities planner and designer needs to consider before starting a proper feasibility study for the initial se

Government relations, Government Relations This is a sub function of co...

Government Relations This is a sub function of corporate communication more frequently called public affairs. Depending on your organizations, the importance of government re

Content of a written review, CONTENT OF A WRITTEN REVIEW: Bibliographi...

CONTENT OF A WRITTEN REVIEW: Bibliographic material and important information from sources may  be  recorded on  note book,  to  keep a records of  reference used  for study.

Identify the organizational sources of resistance to change, QUESTION 1 ...

QUESTION 1 Explain Intra-individual conflict with appropriate examples. QUESTION 2 Persons seeking compliance use certain tactics designed to tip the balance in their f

Explain e-compensation tools, In most modern organizations, the employment ...

In most modern organizations, the employment relationship has shifted from being life-long with career management provided by the organization into being more short-term with emplo

Evolution of catalogue , EVOLUTION OF CATALOGUE : The custodial respon...

EVOLUTION OF CATALOGUE : The custodial responsibility assumed by the libraries of the early stages obligated on them the functions of acquisition and conservation entailing al

Different types of cultures prevalent in organisations, Question 1: (a)...

Question 1: (a) Describe, with the use of examples, Lewin's model of organisational change. (b) Explain either the "action research model" developed by Cummings & Huse or th

Management accounting, #question.classifications of cost for planning.

#question.classifications of cost for planning.

Primary sources of information, Primary Sources These are materials, w...

Primary Sources These are materials, which are the most authentic and original. They usually take the form of a a monograph, journal article, dissertation, report or a paten

How is quality defined in a generic sense, How is Quality defined in a gene...

How is Quality defined in a generic sense - Quality is regarded as a noteworthy effectiveness facet and supervisors consider quality as a model for surviving in this cutthroat

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