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 resources development , HUMAN RESOURCES DEVELOPMENT This Unit d...

HUMAN RESOURCES DEVELOPMENT This Unit deals with Human Resources Development as a positive method to upgrade the employees abilities and capabilities enabling them to work to

Pro-quest international powerpages, Pro-Quest International Powerpages: ...

Pro-Quest International Powerpages: Pro-Quest International Powerpages is another full-text journal database on CD-ROM, offered commercially by the publisher UMI. The UMI(form

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 ---

Benefits of b2b e-commerce in developing markets, Question: (a) What ...

Question: (a) What are the benefits of B2B E-Commerce in Developing Markets? (b) The B2B market has primary components: e-frastructure and e-markets, e_infrastructure is t

Explain what the term preventive legal management address, Question 1: ...

Question 1: (a) Explain what the term "preventive legal management" addresses. (b) Describe any 5 stakeholders that have a legal relationship within the hospitality indust

Request for quote , Request for Quote  Request for Quote (RFQ), is a st...

Request for Quote  Request for Quote (RFQ), is a standard business process to invite suppliers into a bidding process to bid on specific products or services through Invitation

Important qualities of a professional screenwriter, Question 1 Explain ...

Question 1 Explain the ten most important qualities of a professional screenwriter and describe why you consider these skills to be important. Question 2 (a) Name and

List the factors on which the location of an mnc depends, Question 1 When ...

Question 1 When you establish an export firm there are various regulations which have to be followed. List the steps in formation of an export import firm. Describe the procedure

Management - library management, Management : The magnitude of mainten...

Management : The magnitude of maintenance work, like all other work in the  library, depends on the size and complexity  of the library  and the quantum of operations. Decisio

Gestalt alphabetisation, Gestalt Alphabetisation   Ranganathan was foll...

Gestalt Alphabetisation   Ranganathan was following the Gestalt Aplhabetisation to a severe degree in the earlier editions of CCC up to the 3rd edition published in 1951. In th

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