Contract close-out, Other Management

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.

Posted Date: 9/28/2012 2:37:13 AM | Location : United States







Related Discussions:- Contract close-out, Assignment Help, Ask Question on Contract close-out, Get Answer, Expert's Help, Contract close-out Discussions

Write discussion on Contract close-out
Your posts are moderated
Related Questions
QUESTION 1 (a) Identify and critically discuss the different phases involved in the road map to ISO 9001:2008 Certification (b) ISO 9001:2008 is based on a framework known a

Physical Processing Work: Cutting : It is often found that books are received with partially uncut sections. If these are left unnoticed, readers may carelessly open up the p

Problem 1 The Fisheries department has decided to buy a second hand boat for patrol at sea and has agreed with Pro Naval Ltd for the latter to supply the department with an e

.Purposes of a Library Catalogue Libraries generally acquire reading and reference materials in various physical forms, which will be utilised by users for study, referen

scientists use what to find answers to problems

BINDING MATERIALS: The quality of binding depends on the type of materials. As a working librarian or a prospective librarian you would need to be conversant with the types an

Problems in Selection: Periodicals are more important than books for researchers and specialists. They contain more recent information in the form of research papers, news, re

Union Catalogue   A library catalogue, we know, is a list of all or some of the holdings of a library. If two or more libraries make out such a list we call it a Union Catalogu

Arrangement of Entries   The actual process of filing starts when sufficient number of cards accumulate.  Preliminary arrangement  In the preliminary arrangement we sor

(a) What is customer relationship management? (b) What are the three main elements to consider when aligning your business towards a customer relationship format? (c) What a