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Looking at the Flipside This is an important step in the process to ensure that the customer gets what they paid for, she says. Contract closeout is the process of resolving all contract issues or fulfilling contract requirements.
(b) Contracting activities are responsible for initiating each contract closeout. Contracting activities and requirements offices are jointly responsible for timely compliance with required contract closeout procedures.
The steps of Quick Closeout Requires the contracting officer responsible for contract closeout to negotiate the settlement of direct and indirect costs for a specific contract, task order or delivery order ready to be closed, in advance of the determination of final indirect rates based on risk assessment.
The closeout process is a process to finish or resolve all contractual requirements for a physically complete contract. Closeout is completed when all administrative actions have been completed, all disputes settled, and final payment has been made.
Eight Steps to a Successful Project Closeout Substantial completion. ... Completion of Punch List Items. ... Submission of Closeout Documents. ... Final Inspection. ... Training. ... Final Payments and Release of Retainage. ... Transfer of Utilities and Facilities. ... Acquisition of Certificate of Occupancy.