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

Audio-visual materials, Audio-Visual Materials: Audio-Visual Materials...

Audio-Visual Materials: Audio-Visual Materials No comprehensive bibliography exists at present for identifying and selecting useful audio-visual materials. One series  of inde

Reference sources and books, THE REFERENCE SOURCES/ BOOKS: A basic qu...

THE REFERENCE SOURCES/ BOOKS: A basic question arises then when we start discussing reference books, that is what books and other materials a reference library should stock an

Main features of the new public management, Question 1: Elaborate on th...

Question 1: Elaborate on the weaknesses of the Traditional Model of Public Administration. Question 2: Define the term "Administrative Reform". Why is it so critical i

Factors driving contracting , Factors Driving Contracting  In this sect...

Factors Driving Contracting  In this section let us try to analyse the factors which drive contracting decisions. Here, the buy mode is referred as contracting, subcontracting

Compensation management, In 2001, a Chennai- based two- wheeler major intro...

In 2001, a Chennai- based two- wheeler major introduced a bonus scheme for its employees. Employees covered under this bonus scheme are evaluated through a three-tier process- (1)

Basic materials handling principles, Basic  Materials Handling Principles ...

Basic  Materials Handling Principles 1.  Lest Handling  is Best Handling: it is  best to keep  the handling  cost of the  minimum  because  handling  does not add value  to

Porter''s five forces model, QUESTION 1 Implementation of selected stra...

QUESTION 1 Implementation of selected strategies is a phase in the strategic management process. Discuss the key issues that need to be considered in this phase. QUESTION 2

Methods of stock verification , Methods Following is a brief descrip...

Methods Following is a brief description of the prevalent methods of stock taking.  Stock Verification by Accession Numbers:  The  accession numbers of the books from t

Information systems implementation, Information Systems Implementation ...

Information Systems Implementation 1. Will implementing SAP R/3 across the entire PCD division provide the division with a competitive advantage?  Justify your answer carefull

Sheaf or loose-leaf form, Sheaf or Loose-Leaf Form: Sheaf form of libr...

Sheaf or Loose-Leaf Form: Sheaf form of library catalogue is also referred to as loose-leaf form. A sheaf form of catalogue is one in which slips of paper are put into a loose

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