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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/6891

Title: Exploring Procurement Risk Associated With Contract Closeout: Procurement Entities Perspective
Authors: Korley, Maynard
Issue Date: 23-Feb-2015
Abstract: This study was conducted to explore Procurement Risk associated with Contract Closeout in a case study of Metropolitan Assemblies in Tema and Accra, and selected public institutions (AESL and PWD) in the Greater Accra Region. The objectives of the study were to identify the current procedural requirements for contract closeout, to identify procurement risks associated with contract closeout and to establish strategies for effective contract close out. The study took a quantitative and explorative approach, a structured questionnaire survey was administered to officials of the state institutions involved (i.e. AMA, TMA, AESL and PWD) who have insight into procurement or make relevant procurement decisions in their various departments. Data collected was further analyzed using descriptive statistic (Pie chart) Mean and Median. The study revealed that making of final account completion and excess payments or deductions, Completing Contractors audit and ensuring Contractors closing statement is complete were touted as the most important steps in the procedural requirements of contract closeout in the construction industry. Secondly excess budget due to delay in contract closeout, delays in identification and resolution of potential areas of conflict and delays in identification and collection of overpayment to contractors were seen among others to be the major risk elements in untimely contract closeout. Finally, payment of interest penalties when payments are made late, prioritization of contract closeout and identification of possible closeout delays for redress before time majored as some of the strategies for effective contract closeout. A number of recommendations were made to the assemblies and public institutions including: the need for risk treatment actions, creation of awareness about inherent risk in the procurement process, rewarding employees for closeout completion, proper management information systems to monitor the contract closeout process, employment of quick closeout procedures to reduce backlog of unscheduled audits, partnering to reduce disputes in contract closeout, proper monitoring of the procurement process and the need for final payments and invoices amongst others.
Description: A Thesis Submitted to the Department of Building Technology, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the award of a degree of Master of Science in Procurement Management, 2014
URI: http://hdl.handle.net/123456789/6891
Appears in Collections:College of Architecture and Planning

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