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

Statistical process control, Problem QC is often performed by a team of...

Problem QC is often performed by a team of professionals who use specific techniques. These techniques do vary depending on the intended measurement. Without QC techniques, a c

Meaning and Purpose of Education, What is the meaning and Purpose of Educat...

What is the meaning and Purpose of Education in this age of technological advancement?

Classification terminology - library management, CLASSIFICATION TERMINOLOGY...

CLASSIFICATION TERMINOLOGY: Library classification as an academic discipline is about 125 years old. Its teaching and research has gained momentum comparatively recently. It m

Non-book materials - library management, NON-BOOK MATERIALS: The term ...

NON-BOOK MATERIALS: The term "non-book materials" (=NBM) includes  four categories of information sources drawn from the  second edition of  the Anglo-American  Cataloguing Ru

Organisation initiator, T he Organisation initiator The initiator firs...

T he Organisation initiator The initiator first identifies the need to purchase a particular product or service to crack an organisational problem. Change management is a c

Outline kolb''s learning styles model, QUESTION Read the extract below ...

QUESTION Read the extract below and answer the questions that follow There is general consensus among educators that all learners are not the same. However, a single school

Outline various steps of the policy analysis process, QUESTION 1 Policy...

QUESTION 1 Policy implementation is the most critical stage of the policy process. Critically analyse some of the main constraints that hinder the implementation of public poli

Increase in demand, Increase in Demand: Exponential growth in the volu...

Increase in Demand: Exponential growth in the volume of published information, increase in the number of users and availability of large number of online and C D - R OM  bibli

Procurement management, Overview of Procurement Management   Let us star...

Overview of Procurement Management   Let us start our discussion with an overview of project procurement management. Procurement management is an important knowledge area in pro

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