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oThe time frame of the handover.oResponsible person for the handover – including the arrangements, the physical handover, the electronic transfer etc.oWhether documentation is held by the project team, and if so, for how long they are going to keep that for.oThe owner of the property – in terms of copyright and intellectual property rights.oTraining sessions schedule or already been held.
Activity 5CEstimated Time30 MinutesObjectiveTo provide you with an opportunity to finalise financial, legal and contractual obligations.ActivityWhat financial obligations must you finalise?Financial obligations finalisation depends upon the scale of a project which has internal and external obligation. Internal financial obligation is the sum up of all monetary accounting spend on a project. It can be break down into following project areas:oCost management plan: reconciliation of planned expenditure and actual expenditure.oWork breakdown structure: Comparing the actual spend to the budget allocated to each component of the WBS.oChange and risk management: how did the changes to the project effect budgets.oProcurement records and accounts need to be finalised and recorded appropriately.oVendors should be given their final payments and accounts update accordingly.External financial obligation relates to outside borrowing, funds that have been lent by sources other than the stakeholders and investors, such as bank loans or contracts for services. If external financial obligations are not meet in due date, it could result in court action and the seizure of assets of the project.So, a project needs to complete or meet all their financial obligation before the project completion. Otherwise, the project could face a legal action from a court, regulatory bodies, trade union.
What legal obligations must you finalise?Project is a contract and is a legal documents or agreement which should be finalise its legal obligation established at the beginning of the project to determine the following:oProject terms: It includes the project time frame and budget and any penalties for which the project team is liable if the terms are not met. Anypenalties should have been avoided while reviewing the project baselines effectively throughout and negotiated changes with the client and stakeholders accordingly.oOutsourcing: project has legal obligation with its vendors, contractors and sub-contractors.oCommunication plan: project team must meet the required terms and conditions of communication between the stakeholders and client.oRisk insurance: finalising the business liability insurance or extending it should there be any anticipated issues to the successful completion of theproject.oConfidentiality agreements: project has liability to ensure that confidentiality has not been breached including employee theft or breach of intellectual property.