Finalize Contractual Commitments

Explanation

This activity is used to finalize contractual commitments. This is a manual operation. However, if valuations are used, retentions need to be considered as follows:

• On completion of the sub contract, a final retention period, where any faults may be reported for correction, is usually agreed upon.
• Once this retention period expires, the retention amount must be paid out.
• Any interim retention should also be released at this point, unless the supplier has released it at an earlier date.

Prerequisites

N/A

System Effects

N/A

Window

Sub Contract

Related Window Descriptions

Sub Contract

Procedure

This is a manual operation.