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

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

Organizational behaviour, A large unit manufacturing electrical goods which...

A large unit manufacturing electrical goods which has been known for its liberal personnel policies and fringe benefits is facing the problem of low productivity and high absenteei

Explain business travel market and the leisure travel market, Question 1: ...

Question 1: National and International economic trends tend to have an influence on the demand for the hospitality industry. Discuss six (6) main measures that the hotel sector

Financial management, how would you judge the potential profit of Bajaj Ele...

how would you judge the potential profit of Bajaj Electronics on the first year of sales to Booth Plastics and give your views to increase the profit

Risk classification based on where risk control lies, R i sk classificati...

R i sk classification based on where risk control lies From the point of view of where risk control lies, five classifications of risk can be listed: External risks wh

Sewing and collation - library bindings, Sewing and Collation - library bin...

Sewing and Collation - library bindings: Reinforced new books which conform to A.L.A. standards, shall be designated as follows: Resewed and reinforced in class `A' cover o

Methodology for the study of subjects, Until recently, information consolid...

Until recently, information consolidation products (ICP) were prepared by subject specialists themselves on the basis of the documents furnished by libraries and information center

Network configurations - cd rom network, Network Configurations   The b...

Network Configurations   The basic components of a single CD-Rom workstation are a microcomputer and a CD-ROM drive. A printer will be necessary if you want to obtain a paper c

Library cooperation, LIBRARY COOPERATION   Libraries have many things i...

LIBRARY COOPERATION   Libraries have many things in common. The processes and practices in several libraries are similar. Even the problems of management and services are commo

Need for technical processing - library management, Need for Technical Proc...

Need for Technical Processing: The need for technical processing has been  brought about by a number of reasons/factors. They are:  1) Accelerated  growth of information  r

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