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
TYPES OF SAMPLING: Sampling plans can be  grouped under two categories-probability  sampling and non-probability sampling. Probability sampling uses a technique by which the r

Advantages of Ordering procedure: 1)  Agents frequently allow a certain percentage of discount over the subscription rates of some periodicals where publishers do not offer an

Cyclostyled Form: Revised version of bound register form came into existence due to the typewriter and cyclostyling machine. The entries are typed. Multiple copies (up to four

Links in InformationTransmission Chain: i)  Sources of Generation: As discussed in Unit 1, the researchers and their employing oreganisations are responsible for generating in

3. "Patient self-determination and autonomy are under the law ancillary and derivative from the well-articulated right of privacy. Under this well established right, procreative fr

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

Question 1 Suppose you are the CEO of MS Bank Corporation. Your bank is facing interest rate risk which has affected its operation significantly. Explain the factors that influenc

Disciplines and Subjects - Library management: In a modern library the arrangement of documents is usually by subject. Thus, subject is the characteristic of division for arra

Information Analysis: Information analysis is done for improving the authenticity and usability of information. This is done by specialists in the concerned subject areas keep

Question: (a) List and explain five sources of solid waste within a community. You are required to provide examples of the types of solid waste generated from each source.