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 2:38:52 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
P roject team activities There  are  seven  step  procedures  which  the  organisation  can  use  to introduce the project team activities as a management strategy. The proced

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

QUESTION 1 Attempt a SWOT analysis for the Cyber Island Concept in your country. You will have to analyse the business environment in the first instance and propose at least thr

Problem 1 (a) Illustrate on the 3 main stages of the development of PR in the U.S? (b) Describe the main transformations that PR has undergone since its inception? Pro

Entire agreement  The entire agreement clause must state that the contract is the final, complete, and total expression of the parties' agreement. Such an agreement helps in pr

C ontract  close-out:   Contract  close-out  begins  with  checking  for physical completion, i.e., whether all services have been performed and products delivered. Closeout

Question 1: Managing expectations is based upon an agreement between the employee and the manager on the objectives of the job under discussion and how its achievement would be

QUESTION a) ISO 9001:2008 series embraces eight quality management principles. By using relevant examples in the business context, discuss the potential benefits an organizatio

Objectivity: Objectivity means freedom from bias. A test should yield a clear  score value for each performance, the score being independent of the personal judgment  of the