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3.7 Contract Closeout

3.7 Contract Closeout. Terminology. Contract closeout – the process of declaring that the obligations under a contract have been satisfied and that a procurement file is both physically and administratively complete.

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3.7 Contract Closeout

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  1. 3.7 Contract Closeout

  2. Terminology • Contract closeout – the process of declaring that the obligations under a contract have been satisfied and that a procurement file is both physically and administratively complete. • The closeout process should begin as soon as possible after the contract is physically complete. • Physically complete – contractor has delivered all goods/services, buyer has inspected/accepted.

  3. Contract Closeout Tasks • Verifying that all required goods/services have been received and accepted • Verifying that all contractor invoices have been received and paid • Returning or disposing any buyer furnished property • Closing subcontracts by the seller • Agreeing that no claims, issues or unresolved matters exist • Obtaining final report of patents and royalties • Signing a formal notice of contract completion • De-obligating excess funds (federal contracting)

  4. Closeout Cont. • FAR 4.804-5 “Procedures for Closing Out Contract Files” • Closing government contracts (cost-type) often requires DCAA audit of direct costs and indirect rates • No audit -- can expedite closeout process with quick closeout procedures (FAR 42.708) • Ensure “past performance” documentation is completed

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