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