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

VALS, HOW DO I WRITE THE VALS

HOW DO I WRITE THE VALS

What is pegged skirt, Question 1 Explain the steps in developing pattern ...

Question 1 Explain the steps in developing pattern for built-up neckline and cowl neckline along with  diagrams Question 2 What is pegged skirt? Explain the method of develo

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

#question.classifications of cost for planning.

Covering materials - binding materials, Covering Materials: Leather: ...

Covering Materials: Leather: Leather was the primary covering material for books until the third decade of the last century. It is only later that the commercial publishers

Define a marine protected area, Question: (i) Define a Marine Protecte...

Question: (i) Define a Marine Protected Area; what are the types of Marine Protected Areas that exist in the Republic of Mauritius, naming one example of each (ii). What i

Critically analyse the potential evils of bureaucratization, QUESTION 1 ...

QUESTION 1 Max Weber systematized the organization model of Bureaucracy (a) List and describe briefly the distinguishing features of bureaucracy (b) Critically analyse th

Experimental research, EXPERIMENTAL RESEARCH: One of  the other method...

EXPERIMENTAL RESEARCH: One of  the other method used  in  research  is Experimental Research.  Meaning and Characteristics  Experimental research is concerned with  ca

Incentives, I ncentives These are rewards given when vendor/contractor...

I ncentives These are rewards given when vendor/contractor exceeds your expectation. Incentives should increase contractor?s profit. Incentives can be categorised as:

Internal techniques of exposure management, Question 1: i) What are eu...

Question 1: i) What are eurosecurities? ii) Assess the reasons for the growth in eurosecurities markets and discuss the implications of these markets for international ban

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