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

Human resource development-need and purpose, Need and Purpose The per...

Need and Purpose The personnel of an organisation play the most vital role by converting all the other  resources into tangible products and services.. Therefore attention to

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

Microform reading room collection and production units , Microform reading ...

Microform reading room, collection and production Units in Reader Activity Area of library building -library management These days, more and more use being made of microforms-

Inner forms of a library catalogue, INNER FORMS OF A LIBRARY CATALOGUE: ...

INNER FORMS OF A LIBRARY CATALOGUE: We have given you an overview of the physical forms of a library catalogue w their features, merits and demerits. Closely related to the ph

Construction procedure , Construction Procedure: Parts of a Questbnnai...

Construction Procedure: Parts of a Questbnnaire or Interview Schedule A  questionnaire or  an  interview  schedule contain the following parts:  a)  Introduction and Instr

Discuss the use of the technique of value chain analysis, QUESTION 1 Po...

QUESTION 1 Porter's five forces model of competition identifies the main sources of competitive forces and assesses the strength of the forces to help the organization craft be

Enhance the regionalization of solid waste facilities, Q. Will the use of F...

Q. Will the use of FCA promote or enhance the regionalization of solid waste facilities? Ans. No. The utilization of an FCA approach will not, in and of itself, concluded

Discuss the importance of having ilo standards on safety, QUESTION 1 De...

QUESTION 1 Describe the various methods that can be used at a place of work to ensure that the storage and handling of materials are carried out in an effective and efficient m

Staff activity area of library building -library management, Staff Activity...

Staff Activity Area of library building -library management Main activities carried out by the professional staff of the library are: Acquisition, Technical Processing (catalo

Management communication, Management Communication MC is a process of c...

Management Communication MC is a process of communicating in management itself. Effective managerial communication is either written or spoken. It is based on a several strateg

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