Contract closeout can proceed with all of these inputs except

A Contract Closeout occurs when a contract has met all the terms of a contract and all administrative actions have been completed, all disputes settled, and final payment has been made. This includes those administrative actions that are contractually required; i.e. property, security, patents, and royalties.

Contract Closeout Procedures

The procedures for contract closeout are located in Federal Acquisition Regulation (FAR) 4.804-5.

Contract Closeout Checklist

Below is the checklist for administrative actions that are required to close out a contract that has met all its terms and conditions.

• Issue interim contract completion statement
• Ensure disposition of classified material is completed
• Receive final patent/royalty report clearance
• Ensure there are no outstanding value engineering change proposals
• Ensure property clearance is recorded in MOCAS
• Receive and file plant clearance report
• Settle all interim or disallowed costs
• Complete price revision
• Ensure Prime contractor has settled Subcontracts
• Settle prior year indirect cost rates
• Ensure submission of final subcontracting plan report
• Complete termination docket
• Completed contract audit
• Ensure receipt of contractor’s closing statement (release)
• Review/submit contractor’s final invoice/voucher
• Ensure the final voucher has been paid
• Complete contract funds review and deobligate excess funds

Contract Closeout Timeframe

The standard timeframes for closing out are located in FAR 4.804.

Contract Closeout Retention Periods

AcqLinks and References:

• Website: FAR 4.804-5 Contract Closeout
• Website: DCMA Contract Closeout Guidebook
• Acquisition Institute Contract Closeout Guidebook – Oct 07
• DoD Procedures for Settling Financial Accounts Under the Special Temporary Contract Closeout Authority – Oct 2005
• GSA Contract Closeout Quick Reference Guide
• Example: Army SADDM Chapter 6 Contract Closeout