Contract Closeout

Contract closeout procedures can vary widely based on contract type, complexity of the contract, price adjustments, and numerous other factors. It is important for Contracting Officers, CORs, ACO’s and other members of the close out team to be up to date on the rules, regulations, procedures and best practices involved in this essential task. Building a solid relationship with the cognizant players, such as payment and audit offices, the contractor, and labor representatives can help perfect the process as well.

This 2-day course focuses on the elements of contract close out from — final delivery to final payment — highlighting solutions to common mistakes that can lead to close out delays and interest and penalty payments. You’ll learn how to:

  • Apply the proper close out procedures for the contract type
  • Work with payment, audit and other offices involved in the closeout
  • Know when to use quick closeout procedures or desk reviews
  • Comply with recordkeeping and retention requirements
  • Handle delays, price adjustments, terminations and other special issues
  • When does contract close out begin?
  • Duties of the Contracting Officer/COR (FAR 4.8)
  • The Close Out Process
    • Standard Times for Close Out
    • Contractor Performance Information
    • Handling Contract Files
    • Contract Completion Statement
    • Contract Close Out Checklist
  • The Impact of Contract Type on Close Out
    • Firm Fixed Price Contracts
    • Cost Reimbursement Contracts
      • Time and Materials or Labor Hour Contracts
    • Task and Delivery Order Contracts
    • Simplified Acquisition Contracts
  • Close Out Audits
  • Costs
    • Interim or Disallowed Costs
    • Subcontractor Costs
    • Final Indirect Cost Rates
  • Price Revisions
    • Economic Price Adjustments
    • Incentives
    • Value Engineering Change Proposals
  • Quick Close Out Procedures
  • Close Out after Termination
  • Invoicing and Final Payment
  • Recordkeeping and Reporting Requirements
    • Contract Completion Statements
    • DD Form 1594
    • MOCAS
  • Working with the Close Out Team
    • Payment Offices
    • Audit Agencies
    • Contractor – Buying Office Responsibilities
    • Special Players (IG, Office of Counsel, DOL, DOJ)
  • Special Issues
    • Disposition of classified material
    • Data and Patent Rights/Intellectual Property
    • Government-Furnished Property

This course is currently available for on-site training. Bring your course on-site through Centre’s Federal Contracting Institute. Benefits of on-site training:

•Significantly lower the cost per employee and train more employees for material costs only

•Tailor the course to your learning objectives

•Demonstrate your commitment to employee development

•Stay on top of the latest changes in contracting and the industry to keep your competitive advantage

•Eliminate travel costs

Call Leanne Shroeder at 703-288-2800 x229 or email her at lshroeder@centreconsult.com for more information. Ask us how to save more by inviting other organizations/local chapters to co-sponsor your on-site course. View our registration policies.

8:00 AM–4:00 PM Both Days
Breakfast and registration open at 7:30 AM.

This course is recommended for 11 Continuous Learning Points (CLPs). It also offers 1.1 Continuing Education Units (CEU). A Federal Contracting Institute® certificate of completion will be provided to all attendees upon conclusion of the class.

Questions? Please contact Leanne Shroeder at 703-288-2800 or  lshroeder@centreconsult.com.