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Finalization of contract assessments requires reconciliation statements and possible plant verification, with prescribed submission timelines. Finalization of assessment requires submission within three months of a reconciliation statement showing description, quantity and value of imported goods and a chartered engineer's certificate for installed machinery; Bills of Entry, invoices and a final payment certificate are required where contracts provide final settlement after completion. Plant site verification may be undertaken to confirm use for the project, applied routinely for higher value projects and selectively otherwise. Provisional assessments are finalized within a shorter period when no site verification is required and within a longer period when verification is needed; unpaid confirmed demands on finalization are recovered as per law.
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<h1>Finalization of contract assessments requires reconciliation statements and possible plant verification, with prescribed submission timelines.</h1> Finalization of assessment requires submission within three months of a reconciliation statement showing description, quantity and value of imported goods and a chartered engineer's certificate for installed machinery; Bills of Entry, invoices and a final payment certificate are required where contracts provide final settlement after completion. Plant site verification may be undertaken to confirm use for the project, applied routinely for higher value projects and selectively otherwise. Provisional assessments are finalized within a shorter period when no site verification is required and within a longer period when verification is needed; unpaid confirmed demands on finalization are recovered as per law.
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